Wells Fargo boosts Bobcat finance deal

Wells Fargo Vendor Financial Services has announced the extension of its vendor financing relationship with dozens of Doosan businesses – including Bobcat Company, the compact machinery maker and distributor – up until the end of 2020.

Under the renewed agreement, Wells Fargo will provide comprehensive financing solutions for more than 500 dealers and thousands of their customers across the US and Canada.

“We are proud to continue our long-standing relationship with the Doosan and Bobcat brands,” said Jim Kelly, head of Wells Fargo Vendor Financial Services. “We are dedicated to building products and services that strengthen customer relationships, helping identify opportunities, and driving operational efficiency.”

Wells Fargo acquired the Doosan and Bobcat relationship earlier this year as a result of its purchase of GE Capital’s vendor finance businesses in the US and Canada. GE Capital had been providing finance for Bobcat since 1969, and the relationship expanded to include financing for Doosan-branded construction equipment in 2012.

“Wells Fargo has proven it can deliver competitive financing solutions and cutting-edge technology to our broad network of dealers and their customers to help them succeed financially,” said Ed Hetherington, president of Doosan Infracore Financial Solutions. “As we look to grow market share, Wells Fargo plays a key role in our strategy.”

Wells Fargo says the company has financed nearly 60,000 Bobcat and Doosan pieces of construction equipment for end-users since 2010, while it processes nearly 20,000 credit applications, finances more than 12,500 pieces of equipment, and services nearly 40,000 Bobcat and Doosan customer relationships annually.