TCFIF starting small in marine industry
January 27, 2012
Filed under News, Top Stories
MINNEAPOLIS – TCF Bank subsidiary TCF Inventory Finance began with what the company knew well, home and appliance, before expanding into new areas, such as a preferred financing agreement with BRP’s North American dealers, and then finally moving into inventory finance for the marine and RV industries.
Earlier this month, TCF Inventory Finance announced the company’s plan to expand into the marine industry, starting slowly with 3-5 organizations and growing as the company’s comfort level grows.
The plan from the beginning, Jason Korstange of TCF told Boating Industry, was to begin in smaller investment items around the home and appliance industry before moving into bigger ticket items including boats and RVs.
TCF will make financing available for manufacturers that promote fishing boats, pontoons, runabouts, ski boats and small cruisers. Korstange said that moving up into the marine industry, TCF doesn’t plan on becoming a big-ticket financier but a floorplan finance group that will work better with smaller-dollar items.
Ideally, Korstange said the company is looking to work through experienced manufacturers with good character, collateral and trust to provide financing. Dealers work through their manufacturer to secure financing.
“It’s a loan to dealers,” he said. “The most important part of it is trust.”
Service is what will set TCFIF apart from other floorplan providers, Korstange said.
“Most dealers already have [inventory finance], and our service will be better than most other ones,” Korstange said. “More importantly, we can deliver excellent service — prompt, understandable — to help dealers.”
