Wells Fargo & Co. announces the extension of its vendor‑financing relationship with dozens of Doosan businesses — including Bobcat Co., through December 2020.
Doosan’s recent agreement with Wells Fargo Vendor Financial Services strengthens its financing program and provides competitive, comprehensive financing solutions for more than 500 dealers and thousands of their customers across the United States and Canada. The announcement comes as a number of Doosan and Bobcat dealers gather in Chicago this week for the 6th annual Dealer Forum, sponsored by Wells Fargo.
Wells Fargo & Co. acquired the Doosan and Bobcat relationship earlier this year in the purchase of GE Capital’s vendor finance businesses in the U.S. and Canada. GE Capital and its predecessors had financed equipment for West Fargo, N.D.-based Bobcat Co. since 1969. The relationship expanded to include financing for Doosan-branded construction equipment in 2012.
Every year, Wells Fargo processes nearly 20,000 credit applications, finances more than 12,500 pieces of equipment, and services nearly 40,000 Bobcat and Doosan customer relationships. In addition to financing, dealers who work through Wells Fargo Vendor Financial Services benefit from inventory management capabilities, a retail program, efficient online tools, and dedicated account management. From 2010 through this year to date, nearly 60,000 Bobcat and Doosan pieces of construction equipment for end-users have been financed through the relationship with Wells Fargo.