Wells Fargo provides $20 million revolving credit facility to CarBiz

Des Moines, Iowa (June 19, 2009) – Wells Fargo Preferred Capital recently provided a $20 million credit facility to CarBiz Inc.

CarBiz operates 25 buy-here pay-here auto dealer retail locations throughout the U.S. The company is also a leading provider of training, collections and other vital services to independent auto dealers throughout North America, helping them to maximize profitability and recognize opportunities for growth.

"We are fortunate to partner with this strong management team whose expertise in their market is unparalleled," said Bill Laird, senior vice-president of Wells Fargo Preferred Capital. "This credit facility will allow CarBiz to meet its strategic goals and demonstrates Wells Fargo's continued commitment to the consumer finance auto industry and its long-term prospects."

"Wells Fargo Preferred Capital is the gold standard in the automotive finance market and we are thrilled to have the opportunity to work them," said CarBiz CEO Carl Ritter. 

About Wells Fargo

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.