LAS VEGAS — Wells Fargo Commercial Distribution Finance’s wholesale volume is up 9% year over year, driven by a preowned dealer rewards program that launched in May, said Jeremy Jansen, president of the floorplan financier’s motorsports group.
“We’re really just getting started with that [rewards program], and I expect to get some meaningful gains in the program,” Jansen said during a panel discussion at PowerSports Finance 2017 in late October. The program operates like a frequent flyer prog ram, he explained.
“The more volume you do — or ‘the more miles you fly’ — the better the financing rates.”
Additionally, Wells Fargo has simplified its rewards program structure. Previously, there were multiple rates and terms for dealers, but the structure ha s been pared down to “a couple,” Jansen said.
Separately, Wells Fargo CDF is offering 30 days of free flooring on all pre-owned powersports products. “It used to be a promotional thing we offered, but now it’s standard in all of our programs,” he said.
Wells Fargo CDF provided $46 billion in financing for more than 33,000 dealers, and 1,400 distributors and manufacturers globally in 2016, according to a company press release.