Brunswick, GE extend BAC joint venture through 2016
March 18, 2013
Filed under News
LAKE FOREST, Ill., March 18, 2013 -- Brunswick Corporation (NYSE: BC) and GE Capital, Commercial Distribution Finance (CDF), a division of GE (NYSE: GE), announced today an extension of their joint venture, Brunswick Acceptance Company (BAC), through 2016. The joint venture was formed in 2002, and began operations in 2003 with the goal of providing a stable, long-term source of wholesale floor plan financing for Brunswick boat dealers.
BAC is the largest floor plan finance provider for Brunswick boat brands and Mercury Marine engines in the U.S., as well as one of the largest providers of wholesale financing programs and service to the marine industry.
"This extension is a reflection of the commitment that the partners have to the U.S. marine industry, as well as our confidence in BAC's demonstrated ability to provide market-leading products and services to the dealer body," said Brunswick Chairman and Chief Executive Officer Dustan E. McCoy. "We are committed to offering our dealers all the tools they need, including a stable and affordable source of financing along with our high quality boats and engines to ensure they can provide America's boaters with a fully satisfying ownership experience."
"We are excited about our extension with Brunswick, and we will continue to provide their dealers with flexible financing and top-notch customer service," said Bruce Van Wagoner, president of CDF's marine group. "BAC dealers will also continue to have access to CDF's industry-leading online tools and the resources of GE to help them manage and grow their business."
In a related development in Canada, CDF renewed its agreement to be the strategic inventory finance provider for Brunswick boat dealers through 2016.