Press release from Business Wire
GE Capital Extends Financing Program for 1,200 Brunswick Marine Dealers across U.S. and Canada
Tuesday, March 19, 2013
CHICAGO (Business Wire) -- GE Capital's Commercial Distribution Finance (CDF) business announced today an extension through 2016 of its dealer finance programs with Brunswick Corporation in the U.S. and Canada. This extension will provide Brunswick's dealer network with inventory financing for its boat brands as well as Mercury Marine engines.
In the U.S., CDF and Brunswick agreed to extend their joint venture, known as Brunswick Acceptance Company (BAC). Formed in 2002, BAC provides a long-term source of wholesale inventory financing for Brunswick boat dealers. BAC is the largest floorplan 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.
“We are very happy to continue our joint venture relationship with Brunswick for another four years,” said Bruce Van Wagoner, president of CDF's marine business. “We are committed to providing their dealers with flexible financing and the best customer experience possible to help them succeed.”
“Our relationships with our dealers extend well beyond providing them with just great boats and engines,” said Brunswick chairman and chief executive officer Dustan E. McCoy. “We have long believed that, as our dealers prosper, so will we. BAC has a demonstrated ability to provide market-leading products and services as a stable and affordable source of financing. It's an important tool dealers can use to help provide boaters with a fully satisfying ownership experience. Further, the extension of this agreement is a reflection of our confidence in BAC as well as the commitment that the partners have in the U.S. marine industry.”
In Canada, CDF renewed its agreement to be the strategic inventory finance provider for Brunswick boat dealers through 2016. “Over the years, we have developed great relationships with their dealer network, and we look forward to continuing to serve them at the highest level,” said Howard Shiebler, president of CDF Canada.
For more than 50 years and through all business and economic cycles, CDF has offered customer-centric floorplan financing programs that enable marine dealers to stock a broad selection of new and pre-owned products. Floorplan financing, also known as inventory financing, is an important element of a successful manufacturer-dealer business model as manufacturers and distributors benefit from enhanced product flow and increased sales opportunities, and dealers obtain improved terms and credit availability.
About Brunswick Corporation
Headquartered in Lake Forest, IL, Brunswick Corporation endeavors to instill "Genuine Ingenuity"(TM) in all its leading consumer brands, including Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Attwood marine parts and accessories; Land 'N' Sea, Kellogg Marine, and Diversified Marine parts and accessories distributors; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Crestliner, Cypress Cay, Harris FloteBote, Lowe, Lund, Meridian, Princecraft, Quicksilver, Rayglass, Sea Ray, Trophy, Uttern and Valiant boats; Life Fitness and Hammer Strength fitness equipment; Brunswick bowling centers, equipment and consumer products; Brunswick billiards tables and foosball tables. For more information, visit http://www.brunswick.com.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance 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. For more information, visit http://www.gecdf.com/ or follow company news via Twitter (https://twitter.com/GEInventoryFin).
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (https://twitter.com/GECapital).
GE (NYSE: GE) 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. For more information, visit the company's website at www.ge.com.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582
Dan Kubera, 847-735-4617