Wachovia acquires GE warranty business.(Finance & insurance)(Wachovia Dealer Services acquires GE Money Warranty Services)

Automotive News, February, 2008 by Harris, Donna

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 to expand,'' Wolfe told Automotive News.

The GE warranty...

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