PRZOOM - /newswire/ -
Chicago, IL, United States, 2013/05/16 - GE Capital’s Commercial Distribution Finance (CDF) business announced that it will provide inventory financing to motorsports dealerships that carry products manufactured by American SportWorks (NYSE: GE) - AMSportWorks.com / GECDF.com. NYSE: GE
American SportWorks produces LANDmaster utility vehicles and Zircon, Marauder and Black Widow branded go-carts in Fort Wayne, IN and Roseland, LA. The funds will support the expansion of the company’s dealer network in the U.S. Its products are currently carried by over 200 domestic dealers.
“We’re glad to establish this relationship with GE Capital’s CDF business because of its long history in the motorsports business,” said Kent Rice, president of American SportWorks. “Dealer financing is a cornerstone of our plans to expand our American-made utility vehicles business.”
Inventory financing, also known as floorplan financing, is an important element of a successful manufacturer-lender-dealer business model. Manufacturers benefit from enhanced product flow and increased sales opportunities, and dealers obtain improved credit availability.
“We’re pleased to have this opportunity to help American SportWorks grow its business,” said Sameer Gaur, president of CDF’s motorsports group. “We’ll be working closely with the company to develop financing programs that are right for its dealers.”
About American SportWorks
For more than 50 years, American SportWorks (amsportworks.com) has been manufacturing and distributing on- and off-road vehicles, with over one million vehicles sold to date. It sells utility vehicles and light utility vehicles ranging from 150cc to 650cc with two- or four-wheel drive. In addition, it offers side-by-side, four-crew and even six-crew seating.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance (gecdf.com) provided nearly $31 billion in financing for more than 40,000 manufacturers, dealers and distributors across North America in 2012. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management and related financial products. Customers have access to exclusive online tools and analytics to manage their accounts and inventory.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services.
GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works.