This morning I had an interesting meeting with Ted Willett, from Wells Fargo. He is a Senior Vice President who specializes in automotive financing. He said things are definitely improving in the automotive sector. In addition, he said these are the key things he is looking for and the key things companies need to gain additional capital:
•Strong balance sheet
•Healthy gross margins
•Diversity in customer base
He also mentioned that rates are at an all-time low, and banks are locking in pricing for five-year terms.
My personal take: If you are in the automotive space, now is the time to look into some historically low pricing for your commercial financing needs.