Tim M. Russi, Bank of America's new Auto Group president, is overseeing an expansion into nine Northeast states.
“There's a strong automotive presence in the Northeast, with 4,400 new car franchises representing over $100 billion in annual sales,” says Russi who reports to Floyd S. Robinson, president of the bank's Dealer Financial Services based in Jacksonville, FL.
Until now, the Auto Group had limited much of its activity to 22 “footprint states,” mainly in the West and South. Its Northeast market activities were limited to commercial lending services to key clients.
Now the group is providing dealer financial services to clients in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.
Plans are to open a dedicated credit center this year and hire new associates as the expansion progresses.
“We're up there selling and doing deals although snowstorms and some harsh winter weather slowed things in February,” says Russi. “We're excited about the opportunities this expansion presents.”
A native of the San Francisco area, Russi has extensive experience in financial services. He was managing director of an executive search firm before joining Bank of America.