DES MOINES, Iowa — Wells Fargo Preferred Capital has announced that the financial services firm will provide a $20 million revolving credit facility to independent dealer solutions provider CarBiz Inc.
"We are fortunate to partner with this strong management team whose expertise in their market is unparalleled," said Bill Laird, senior vice president of Wells Fargo Preferred Capital. "This credit facility will allow CarBiz to meet its strategic goals and demonstrates Wells Fargo’s continued commitment to the consumer finance auto industry and its long-term prospects."
Based in Sarasota, Fla., CarBiz operates 25 buy-here, pay-here auto dealer retail locations throughout the U.S. The company is also a leading provider of training, collections and other vital services to independent auto dealers throughout North America.
"Wells Fargo Preferred Capital is the gold standard in the automotive finance market," said CarBiz CEO Carl Ritter. "We are thrilled to have the opportunity to work with them."