Bank of the West 2009 Annual Report Download - page 9

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increase in spending. Also in 2009, Congress passed
new restrictions on credit cards. We’re proud that our
cards already met many standards of the new CARD Act.
INDIRECT LENDING AND INVENTORY FINANCE
Our loans and leases for cars, pleasure boats and RVs
are available through almost 4,000
dealerships nationwide, including
Lichtsinn Motors, which sells
Winnebago RVs exclusively in Forest
City, Iowa, the hometown of
Winnebago Industries. After we
demonstrated our volume-based
‘preferred customer’ program,
Lichtsinn tripled its approvals and
funding. Improved results have led to a stronger
relationship and a mutually beneficial increase in
lending and in customer satisfaction.
And because we lend primarily to our existing
customers, we have also developed deeper relationships
with many dealers and now support their inventory
floor plan and business borrowing needs. As other
lenders pulled back from the automotive market in
2009 and U.S. automakers and RV manufacturers faced
bankruptcy, we remained engaged and emerged as
the #1 RV loan originator in the nation, helping dealers
seize opportunities and respond to changing market
conditions.
Near Miami, Florida, Qvale Auto Group had an
opportunity to buy one of the nation’s
largest Audi dealerships out of bankruptcy.
Our longstanding customers, the Qvale
family needed to move quickly to secure
inventory financing as a condition for
obtaining Audi’s approval. Within six
business days surrounding Christmas, the
bank approved the floor plan financing
and set up cash management services for
the dealership. Qvale was awarded the dealership and
was fully operational prior to year end.
Providing the steady availability of credit to individuals
and business is a key factor in helping our customers
achieve home ownership, mobility and recreation,
and we’re proud to provide credit solutions for both
individuals and dealerships nationwide.
In La Quinta, California, Kent Sowell was able to quickly
open a Hyundai dealership with the bank’s help after his
25-year Chrysler franchise was eliminated in the wake
of Chrysler’s bankruptcy and downsizing. Based on our solid
long-term indirect lending relationship with the dealership,
we financed the new Hyundai inventory floor plan and began
providing cash management services. Kent Sowell is back
in business.
Our decisions
are values-
based and
data-driven.
Steve Pease, National Finance Group, at left, and Kent Sowell, La Quinta Hyundai owner, at the dealership.
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