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Article: Wachovia acquires GE warranty business.(Finance & insurance)(Wachovia Dealer Services acquires GE Money Warranty Services)
- Article from:
- Automotive News
- Article date:
- February 11, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Donna Harris
Wachovia Dealer Services has acquired GE Money Warranty Services, citing the profit potential of the vehicle warranty administrator and insurer.
Terms were not disclosed.
Wachovia Dealer Services, a division of Wachovia Bank, has offered its dealer customers a vehicle service contract through GE. Adding insurance to its services allows Wachovia to compete more closely with automakers' captive finance companies, Wachovia executives say.
Tom Wolfe, president of Wachovia Dealer Services, noted that captives offer insurance products to dealers.
"Supporting our dealers on the insurance side of the business seemed an appropriate way for us ...
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