Huntington Bancshares Inc. is expanding its auto dealer financing business into Wisconsin and Minnesota.
The Columbus, Ohio, bank, which has $52.8 billion of assets, expects to provide financing to more than 400 dealers in those two states. It will begin processing applications through dealers there by Oct. 24. The bank has hired a team for each state and expects to add more staff to support sales and underwriting, the company said in a press release Wednesday.
Huntington currently serves dealershps in its primary banking markets of Ohio, Michigan, Pennsylvania, Indiana, West Virginia and Kentucky in addition to other markets such as Tennessee, New Jersey and five New England states. At June 30, Huntington Automobile Finance served 2,800 dealers with $6.2 billion of indirect automobile loans and $1 billion of floor-plan loans.
"This expansion into Wisconsin and Minnesota continues our strategy of providing auto dealer financing into markets where we see opportunity for profitable growth," Rich Porrello, director of Huntington Automobile Finance, said in a press release.