Wells Fargo in electric vehicle funding deal

Wells Fargo Commercial Distribution Finance (CDF) 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 Wisconsin, CPC has one of the widest range of electric vehicle line-ups in the world, including models that move from one to 24 people, carry up to 6,000 pounds of payload, tow up to 16,000 pounds and travel up to 25 miles per hour.

Vehicles are manufactured for private, commercial and industrial applications and are sold in the US through the company’s dealer network, which spans 15 states. The company is part of the Nordic Group, a family-owned management and manufacturing business headquartered in Wisconsin with operations extending throughout the US, Mexico, and Europe.

“The expertise and resources that Wells Fargo CDF brings to the dealer financing table is unparalleled,” said Mike Tomberlin, CPC executive vice president, “We are excited to begin this program as we seek to further build the global brand of Columbia ParCar.”

“CPC 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.”