Wachovia pulling out of marine finance business

Author:
Updated:
Original:

Wachovia Dealer Services announced to dealers it was pulling out of the RV and marine financing business in a statement released this week.

Wachovia spokespeople did not return calls seeking comment, but a letter distributed to dealers on Wachovia Dealer Services letterhead was obtained by Soundings Trade Only today.

The letter said Wachovia officials decided to stop accepting marine applications after Aug. 15.

"We will exit both the broker and the indirect dealer financial channels," said the statement, which was signed by Bill Katafias, national production manager of Wachovia Dealer Services. "However, we will continue to service existing customers through our customer service and collections area."

Katafias went on to say the "difficult decision" was prompted by expected shareholder return needed to sustain the line of business, the current economic cycle and the industry outlook for the near future.

Related

NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.