Wells Fargo Commercial Distribution Finance (CDF) announced it has signed a dealer financing program with Columbia ParCar Corp. (CPC), a premier electric vehicle manufacturer. The financing will be used to promote and grow CPC’s distribution network by providing dealers with credit lines to purchase and stock CPC products.
Based in Reedsburg, WI, Columbia ParCar carries one of the most expansive electric vehicle line-ups in the world. Vehicles are manufactured for private, commercial and industrial applications and are sold in the U.S. through the company’s dealer network, which spans 15 states. Columbia ParCar is part of the Nordic Group of Companies, a family-owned management and manufacturing business headquartered in Baraboo, Wisconsin with operations extending throughout the United States, Mexico, and Europe. Columbia is a premier electric vehicle manufacturer whose history dates back to 1946.
“The expertise and resources that Wells Fargo CDF brings to the dealer financing table is unparalleled,” said Mike Tomberlin, executive vice president, Columbia ParCar. “We are excited to begin this program as we seek to further build the global brand of Columbia ParCar.”
“Columbia ParCar is at the forefront of innovation in the electric vehicle industry,” said Jeremy Jansen, commercial leader for Motorsports at Wells Fargo CDF. “As more businesses and individuals turn to electric vehicles for work, leisure or mobility, we look forward to bolstering their ability to reach dealers and customers across the world.”
Commercial Distribution Finance (CDF) provided $47 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. The sale will be completed as a phased approach with the remainder of the business closing globally in 2016.