March 1, 2012 / 8:32 PM / 5 years ago

GM partners Wells Fargo for auto financing

(Reuters) - General Motors Co (GM.N) named Wells Fargo & Co (WFC.N) as its auto financing partner for Chevrolet, Buick, GMC and Cadillac dealers and retail customers in the contiguous states.

Alongside retail subvention, Wells Fargo will offer GM dealers non-subvented retail loans, and financing solutions like wholesale floor plan, and treasury services and insurance, the companies said in a joint statement.

Earlier on Thursday, a surprising sales gain by General Motors and strong performances by Ford Motor Co (F.N) and others helped push U.S. February auto sales to their highest annual sales rate in nearly four years.

General Motors shares were up 2 percent at $26.80 in afternoon trade on the New York Stock Exchange. Wells Fargo shares rose as much as 1 percent at $31.75. (Reporting by Bijoy Koyitty in Bangalore)

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