Wells Fargo to Be Preferred-Financing Provider for Volkswagen's U.S. Unit
By Connor Hart
Wells Fargo and Volkswagen's U.S. financing unit entered a partnership making Wells Fargo the preferred purchase-financing provider of the automobile manufacturer's cars in the U.S., the companies said.
Under the terms of the multi-year co-branded agreement, San Francisco bank Wells Fargo will provide a dedicated purchase experience for more than 600 Volkswagen dealerships, 300 Audi dealerships and 130 Ducati dealerships, the companies said Monday.
The partnership is expected to launch for the Volkswagen and Audi brands in April, with Ducati following at a later date.
Volkswagen Financial Services U.S., the Wolfsberg, Germany, company's U.S. financial-services arm, will continue to service existing customer contracts. After this transition, the unit will switch focus to consumer leasing and delivering usage-based products, including mobility solutions.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
September 16, 2024 13:59 ET (17:59 GMT)
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