Electric vehicle manufacturer Columbia ParCar Corp. signed an inventory financing program with Wells Fargo Commercial Distribution Finance to provide ParCar dealers with credit lines to purchase and stock vehicles, the companies announced yesterday.
Reedsburg, Wis.-based Columbia ParCar manufactures low-speed electric vehicles and golf carts through the company’s dealer network, which spans 15 states.
“Columbia ParCar is at the forefront of innovation in the electric vehicle industry,” Jeremy Jansen, commercial leader for motorsports at Wells Fargo CDF, said in the release. “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.”
Columbia ParCar is just one of several manufacturers that Wells Fargo CDF signed with this year. In the second quarter alone, the inventory financier finalized agreements with Ducati North America, Hinsun Motors Corp. USA, and Arctic Cat Canada.
Wells Fargo CDF hinted to Powersports Finance in late July that more OEM partnerships were on the road map for this year. “There’s a couple other announcements coming within next 30 days,” Jansen said. “We’re happy with the level of new OEM activity here at Wells Fargo CDF; it’s a testament to the breadth of the existing relationships that we have, as well as people, experience, and technology that we offer.”
Chicago-based CDF provided $47 billion in financing for more than 40,000 dealers globally, 5,000 dealers nationally, and 2,000 distributors and manufacturers globally in 2015.