Reliable Auto, a financial services institution with $342 million in assets, is marking its 25th anniversary in Puerto Rico, where it has experienced steady growth by adapting to the market.
During a meeting with members of the media Monday morning, company executives offered some key statistics about the firm, which is a subsidiary of Wells Fargo & Company.
The company has more than 125,000 active customers and offers financial products to the auto industry, for transactions related to new and used cars.. Reliable works directly with more than 350 dealers across the island and has commercial customers with “Floor Plan” credit lines worth more than $334 million.
The company generates more than 12,000 financing applications a month and buys more than 3,000 monthly contracts, said José Arbona, CEO of Reliable.
“Our philosophy is to provide excellent service to both dealers and customers. This is our commitment to them and we do it with a great sense of responsibility,” Arbona said.
Reliable Auto established its Puerto Rico operations in 1987 and remained in the hands of local investors until 1997, when Norwest Financial acquired it. A year later, the company merged with Wells Fargo & Company.
This union gave continuity to the growth plans of the company, which by then had $180 million in assets. Reliable has three branches, in Isabela, Ponce and San Juan. Reliable Auto is part of Reliable Financial Services, which in turn owns Reliable Insurance, its auto, life, home and commercial insurance division.
To mark its silver anniversary, Reliable is bringing a piece of the Old West to Puerto Rico, exhibiting a historic Wells Fargo & Company wagon. The unique piece will be exhibited at the Plaza Las Américas shopping center in Hato Rey from Aug. 6-19, marking the first time that the old wagon is on display outside the U.S. mainland.
“The wagon is a symbol of quality service and financial strength,” Arbona said. “These are qualities that distinguish us as leaders in the auto finance industry and that we share with Wells Fargo.”
Wells Fargo began using the horse-drawn wagons in 1857 to carry passengers, mail and gold. The vehicles ran an average of five to 12 miles per hour and could carry up to nine passengers.