Huntington Expands Auto Dealer Financing Business into Connecticut
COLUMBUS, Ohio -- (BUSINESS WIRE) -- Huntington (NASDAQ: HBAN; www.huntington.com) has announced that it is expanding its successful auto dealer financing business into Connecticut and has added key personnel into the state to support the initiative.
“The addition of Connecticut completes Huntington’s expansion strategy of providing auto dealer financing into the New England region,” said Rich Porrello, director of Huntington Automobile Finance. “After becoming a meaningful partner with the existing dealers in the New England states we serve, we want to bring our indirect platform to the Connecticut dealers who want to be affiliated with a bank that offers a proven track record of consistent underwriting, rapid funding, and superior customer service.”
Huntington has hired a seasoned team with local market knowledge for the state. Huntington is processing applications now and expects to provide financing solutions to more than 140 dealers throughout Connecticut.
“Our success in the Midwest and New England region proves we have a successful business model, one that we now bring to auto dealers in Connecticut,” Porrello added.
Huntington Automobile Finance (HAF) has continually met the financial needs of automotive dealers for more than 60 years. This includes the financing of new and used automobiles purchased by the dealer’s retail customers, as well as commercial loans to the dealer primarily to finance new and used vehicle inventory. Dealerships served are located within Huntington’s primary banking markets of Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky, and selected other markets including, Minnesota, Wisconsin, Tennessee, New Jersey and six New England states: Maine, Vermont, New Hampshire, Massachusetts, Rhode Island and Connecticut.
Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington’s six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of more than 700 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.