PRZOOM - /newswire/ -
Hoffman Estates, IL, United States, 2010/08/24 - GE Capital, Commercial Distribution Finance today announced it has been selected as the exclusive wholesale lender for Fleetwood RV’s new inventory stock program designed to promote high turnover of new inventory. NYSE: GE
This program will provide a competitive interest rate on financed inventory for 120 days and will allow dealers to be reimbursed by Fleetwood for 100% of interest charges on new inventory financed through GE Capital and sold in 60 days or less. A second tier will provide for 50% interest reimbursement for inventory sold between 61-90 days. All Fleetwood RV products invoiced on or after Monday, August 23, 2010, are eligible under the program.
“At Fleetwood RV, we are focused on retail and creating additional margin opportunities for our dealers,” said John Draheim, CEO/President of Fleetwood RV, Inc. “This new program reinforces that ideology by lowering costs and adding more value into our products, which helps our dealer partners turn their inventory more quickly. We are excited about the opportunity it creates for our dealer body and appreciate the creativity from GE Capital in its design and implementation.”
"The Fleetwood RV interest reimbursement programs provide a strong incentive for dealers to sell through at retail in today’s market,” said Peter Lannon, managing director – RV, for GE Capital’s CDF business. “We have worked closely with Fleetwood on this program and we are pleased to be able to help them deliver this reimbursement program to their dealers.”
GE Capital’s Commercial Distribution Finance business provides financing options that include inventory financing, purchase order financing, accounts-receivable working capital loans and other programs for recreational vehicles and other industries.
The Fleetwood RV interest reimbursement program is an exclusive program for dealers in the US. GE Capital finances all purchases under the program. Dealers pay interest charges to GE Capital and then apply to Fleetwood for the interest refund. Fleetwood RV determines the dealer’s eligibility for the program and administers all payments.
About Fleetwood RV
Fleetwood RV, Inc. is a leading manufacturer of Class A and Class C recreational vehicles. The Company has one of the best and longest standing distribution networks in the industry and boasts some of the industry’s most recognized and iconic brand names such as American Coach and Bounder. Fleetwood RV is headquartered in Decatur, Ind., which is also its principal manufacturing location.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance (ge.com/cdf) is a leading financing provider to manufacturers and their distributors. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products.
GE Capital offers consumers and businesses around the globe an array of financial products and services. GE (NYSE: GE) is Imagination at Work - a diversified technology, media and financial services company focused on solving some of the world's toughest problems. For more information, visit ge.com/.
Mark Chesney - GE Capital, Commercial Distribution Finance
P: 1 847 747 6518 / M: +1 847 544 9362 / E: Mark.Chesney1[.]ge.com.