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NOVEMBER 3, 2010
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Regional power
Huntington Bank makes a
move into New England
Jim Henry
[email protected]
Huntington Bank, the No. 1 auto lender
in Ohio and Kentucky, is expanding for
the first time into five New England
states, looking to pick up business from
dealers whose other lenders have cut
back or quit auto lending.
Huntington plans to start offering indirect auto loans in Maine, Vermont, New
Hampshire, Massachusetts and Rhode Island, but not initially in Connecticut, said
Nick Stanutz, Huntington senior executive vice president. He left open the option of adding Connecticut if the move
into the rest of New England goes well.
“As we exit 2010 into 2011, we do think
the market will be better in 2011,” said,
Stanutz, head of the bank’s auto finance
and dealer services group.
A couple of Massachusetts dealers who
recently signed up with Huntington said
they were on the lookout for new finance
sources since Boston-based Sovereign
Bank quit indirect auto lending in Janu-
ary 2009. Sovereign Bank later re-started
an indirect auto loan program. Sovereign
also offers auto loans direct to consumers. Both Massachusetts dealers said
they also were swayed by the fact that
Huntington hired a lot of the same individuals who used to work for the Sovereign Bank indirect-lending team.
“It’s a people business, as you know,”
said Tony Provost, president of Nissan of
Bourne, in Bourne, Mass. Provost said he
also uses captive Nissan Motor Acceptance Corp.
Jeb Balise, president of the Springfield,
Mass.-based Balise Group, with 17 franchises in Massachusetts, Connecticut
and Rhode Island, said Huntington hired
strong people from the former Sovereign
Bank operation.
Huntington is based in Columbus, Ohio.
It has branches in Ohio, Indiana, Kentucky,
Michigan, Pennsylvania and West Virginia.
Stanutz said Huntington is the No. 1 auto
lender in Ohio and Kentucky, including the
captive finance companies. c
Huntington National Bank Senior Executive Vice
President Nick Stanutz is in charge of Huntington’s
auto finance and dealer services business.
Posted with permission from Automotive News, November 3, 2010. © Crain Communications Inc. 2010. All rights reserved. Online at www.autonews.com
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