GE Capital extends IBBI floorplan financing agreement
June 2, 2014
Filed under News
CHICAGO, Ill. — GE Capital’s Commercial Distribution Finance (CDF) business announced it has extended its strategic floorplan financing agreement with Independent Boat Builders, Inc. (IBBI), a major boat manufacturer buying group, in the U.S. and Canada. The program covers 24 manufacturers that sell 45 brands. Established in 1989, IBBI, based in Benton, Ill., is the largest cooperative buying group in the U.S. and Canada, with IBBI manufacturers selling more boats in those countries than any other entity.
Under this program, CDF anticipates funding over $3 billion for IBBI boat dealers. The program will provide qualified dealers with special, vendor-subsidized financing programs and terms, as well as a dedicated staff with extensive marine experience in order to provide world-class customer service. Additionally, dealers will have access to COMS, CDF’s proprietary online inventory finance management tool, and Analytics Online, which provides crucial information and insights about inventory finance management.
“GE Capital’s knowledge of our business model and the marine industry has made a big impact with our members over the last several years,” said Tom Broy, president of IBBI. “We are pleased to be able to extend GE’s flexible financing programs and superb management systems through 2017.”
“We are thrilled to continue the strategic program with the IBBI,” said Bruce Van Wagoner, president of CDF’s marine group, “We have enjoyed a strong relationship and we will continue to deliver valuable tools that IBBI members can leverage to help them succeed.”
In the marine industry for more than fifty years of business and economic cycles, CDF has offered customer-centric new and pre-owned floorplan programs that enable marine dealers to stock a broad selection of products. Inventory financing, also known as floorplan financing, is an important element of a successful manufacturer-dealer business model. Manufacturers and distributors benefit from enhanced product flow and increased sales opportunities, and dealers obtain improved terms and credit availability.