BUFFALO, N.Y. — First Niagara Financial Group entered the indirect auto lending business today, providing what the company says is a variety of vehicle financing options through dealerships across the Northeast.

Executives indicated the new program is immediately available in New York, Connecticut, Massachusetts, New Jersey, Rhode Island, Delaware, New Hampshire, Vermont and Maine.

The company expects to extend indirect lending to Pennsylvania during the second quarter of this year.

First Niagara highlighted that more than 400 franchised dealers have already agreed to participate, and the company expects that number to grow to 1,500 dealers by 2014.

"This is a considerable growth opportunity, complementing our extended market presence across the Northeastern U.S.," stated First Niagara senior vice president Andrew Fornarola.

"Our sales team is comprised of seasoned in-market professionals with strong, existing relationships in the dealer financing business," Fornarola continued. "Combining them with our team of highly trained and experienced underwriters, we'll differentiate ourselves through the exceptional service that First Niagara customers have come to expect." 

First Niagara has two credit underwriting sites located in Buffalo, N.Y., and Albany, N.Y. The company mentioned the program's initial phase created 22 new jobs: 16 in western New York, five in Albany and one in New England, including credit managers, business development employees and portfolio underwriters.

Executives project to expand the team to more than 50 members within three years.