Press release from Business Wire
GE Capital Extends Financing Program for Independent Boat Builders Group Through 2016
Tuesday, July 30, 2013
GE Capital Extends Financing Program for Independent Boat Builders Group Through 201608:00 EDT Tuesday, July 30, 2013
CHICAGO (Business Wire) -- GE Capital's Commercial Distribution Finance (CDF) business announced today that it has extended its relationship with the American Boat Builders Association (ABA), a major buying group for independent boat builders in the U.S.
GE Capital has been a preferred lender to ABA's members since the organization's inception in 1992.
“GE Capital has been far more than a lender to our members,” said Jay Patton, its president. “Over the years, this relationship has also brought tremendous value through their Access GE program, which shares insights that help our members run their businesses. We look forward to GE Capital's continued engagement.”
The ABA's board of directors has extended the agreement designating GE Capital a preferred inventory financing provider to its members through model year 2016. Those members, and their brands, are as follows:
- Chaparral Boats, Inc.,
- Cobalt Boats, LLC,
- Grady White Boats, Inc.,
- Nautic Global Group, Inc. (Rinker, Hurricane, Sanpan, Sweetwater, Aquapatio, PolarKraft, Partikraft),
- Nautique Boat Co.,
- Porter, Inc. (Formula, Thunderbird),
- Regal Marine Industries, Inc.,
- Robalo Boats, LLC,
- Seabring Marine Industries, Inc. (Monterey),
- S2 Yachts, Inc. (Tiara, Pursuit) and
- Stingray Boat Co.
“We highly value our relationship with the ABA and we're thrilled to continue to be a preferred lender,” said Bruce Van Wagoner, president of CDF's Marine Group. “We'll continue to share knowledge and industry data through our dedicated team of experts as well as programs like Access GE to help with their continued success.”
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 The American Boat Builders Association
Based in Marietta, GA, the American Boat Builders Association is a coalition of 12 leading independent U.S. boat manufacturers. ABA member companies have approximately 5,000 employees in the U.S., with 15 facilities in nine states. They produce more than 15% of all the boats greater than 16' built in America. For more information, go to http://www.ababoats.com/.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance provided nearly $31 billion in financing for more than 33,000 dealers and 2,000 distributors and manufacturers in the U.S. and Canada 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
American Boat Builders Association
Jay Patton, 770-792-3070