Wachovia Announces Partnership With National Association of Minority Automobile Dealers

CHARLOTTE, NC – Wachovia’s Dealer Financial Services announced today a partnership with the National Association of Minority Automobile Dealers (NAMAD) with a goal of lending $1 billion to minority dealers over the next five years.

Wachovia is the first bank to successfully provide financing of this magnitude to dealers with NAMAD. The partnership came to fruition with the guidance of the Florida Minority Community Reinvestment Coalition (FMCRC), led by Al Pina.

“I have never worked with anyone who exhibits Wachovia’s laser-like focus on finding win-win situations,” said Sheila Vaden-Williams, president of NAMAD. “Wachovia has already committed $75 million to NAMAD members. This partnership is only the beginning of greater things to come.”

Wachovia will also work with NAMAD to build relationships with minority dealers and provide financial training and other educational opportunities to the minority dealership workforce.

“As a company, Wachovia strives to integrate diversity into every aspect of our business,” said David Stevens, head of Wachovia’s Dealer Financial Services. “NAMAD represents an ideal opportunity for us to reach the hundreds of minority dealers throughout the markets Wachovia serves and offer them access to our broad financial suite of products and services.”

Pina, head of the FMCRC, brought Wachovia and NAMAD together with the hope of creating more entrepreneurial opportunities for minority dealers.

“A core component of our mission is to ensure adequate community reinvestment into minority communities and businesses,” Pina said. “This initiative has an immediate impact upon job creation in minority communities. Wachovia has demonstrated compassion, commitment and courage by joining this partnership.”

NAMAD will initially identify potential minority dealers to participate in the partnership within Wachovia’s 15-state footprint, which includes Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia, North Carolina, South Carolina, Georgia and Florida, Alabama, Tennessee, Mississippi and Texas, plus Washington, D.C.