Wells Fargo revealed to Reuters on Tuesday that it has begun creating more branches devoted to car loans and financing for auto dealers as a way to increase its auto lending business in a relatively low-risk environment.
According to the news source, Wells Fargo currently operates 56 branches for car and dealer financing, with the most recent one having just opened in Cherry Hill, N.J.
“It’s a differentiator for us,” Dawn Martin Harp, head of dealer services, said. Wells Fargo’s chief executive John Shrewsberry, meanwhile, added that the sector is “providing a big opportunity because so many cars are being sold.”