Press release from Business Wire
GE Capital Sees Improving Landscape Industry Ahead of Upcoming GIE+EXPO in Louisville
<p> Expanding wholesale and retail lending to support industry's growth </p>
Tuesday, October 22, 2013
GE Capital Sees Improving Landscape Industry Ahead of Upcoming GIE+EXPO in Louisville09:35 EDT Tuesday, October 22, 2013
CHICAGO (Business Wire) -- Improved weather conditions and a promising economic situation are two of the reasons for the positive outlook for the U.S. lawn and landscape industry, said GE Capital. Both GE Capital's wholesale and retail lending businesses will participate in the upcoming GIE+Expo 2013 in Louisville, KY.
“Last year, the industry was hindered by the drought in the Midwest and Southeast,” said Mike Horak, president of the Outdoor Products Group, which provides wholesale financing to the industry as part of GE Capital's Commercial Distribution Finance (CDF) business. “Despite a late rainy spring this year, the majority of the U.S. experienced an excellent, long growing season. At the same time, consumer spending continues to increase. All of these conditions lead to our positive expectations for both the commercial and residential segments of the lawn care industry.”
For more than 20 years, CDF has played an important role in the green industry. Inventory financing, also known as floorplan financing, enables dealers to stock, market and sell lawn care products. Manufacturers generally benefit from enhanced product flow and increased sales opportunities, while dealers can obtain improved credit availability and terms. CDF invites show attendees to learn more about inventory financing and the online tools that can help dealers manage their businesses.
The favorable industry outlook extends to consumer financing, with more outdoor power equipment shoppers investing in products and services that help them enhance their home landscapes. In fact, while consumers carefully consider before they buy, 41 percent of random major purchase shoppers say they are more open to making a large purchase than they were a year ago, according to GE Capital Retail Bank's 2013 Major Purchase Shopper Study*.
“Our research reveals that lawn and garden shoppers spend an average of 65 days researching their purchases, including payment options,” explained Gary Slagle, general manager of Outdoor Power Equipment for GE Capital's Retail Finance business. “That's why offering special financing programs, and integrating them at every marketing touchpoint, is an important way to drive greater customer satisfaction, sales and referrals.”
GIE+Expo will take place Oct. 23–25, 2013 in Louisville, KY. Attendees are invited to visit GE Capital at booth #11108 at the Kentucky Exposition Center. For information about the event, go to http://gie-expo.com/gieexpo/.
To learn more about the ways CDF helps customers manage their inventory and access exclusive industry intelligence, dealers can speak with a CDF representative by calling 800-451-5944 or visiting the CDF web site: http://www.gecdf.com/home.
For more information about special retail financing programs for their customers, dealers can visit http://www.gogecapital.com or call Retail Dealer Services at 877-856-8733.
*The 2013 Annual Major Purchase Shopper Study surveyed more than 3,200 shoppers nationwide, comprised of nearly 2,220 GE Capital Retail Bank (GECRB) accountholders and 1,001 random shoppers who recently made a major purchase of $500 or more in 12 segments, including lawn and garden.
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. For more information, visit www.gecdf.com/ or follow company news via Twitter (www.twitter.com/GEInventoryFin).
About GE Capital's Retail Finance Business
GE Capital's Retail Finance business is among the country's most successful retail lenders, with 80 years of experience in consumer financing. The business, with its lending entity GE Capital Retail Bank, provides customized credit programs to retailers and consumers in the United States that help drive sales. This includes private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as private label credit programs, promotional and installment lending, bankcards and financial services for consumers through dealers; contractors; manufacturers; healthcare practices; and service providers across nearly 20 industries. More information can be found at www.gogecapital.com and twitter.com/GoGECapital.
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 (@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.
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GE Capital, Americas
Lisa Tibbitts, 203-956-4582
GE Capital Retail Finance
Cristy Williams, 678-518-2596