GE Capital, Commercial Distribution Finance Canada (CDF) has released its first mid-year review of the Canadian Marine Industry. The review also included a letter to Canadian marine dealers from Peter Ringler, President and CEO of GE Capital CDF.
“After two years of difficult economic conditions, we thought we would take this opportunity to share some positive year-over-year industry results across Canada,” said Ringler in the letter. “These results are good despite weather conditions in parts of Canada that have been wetter and colder than we would all like to make the most of the selling season.”
The year-over-year review, measured up to May, reports that the volume of new marine inventory financed by CDF in Canada in 2011 is returning to ‘more stable growth levels’ following the 2009 reset and the 2010 restocking period.
The review also indicates that aged-inventory levels (with invoice dates greater than one year) continue to improve. GE Capital CDF says the current rate of 18 percent aged-inventory level across Canada is consistent with historical norms and that volume and aging metrics both point to positive trends in the Canadian marine industry.
The letter highlights GE Capital CDF’s efforts to assist dealers through subsidized training seminars. “We have worked with the experts at Spader Business Management to share dealer performance benchmarks and strategies on budget management and we have developed a program to subsidize the cost of select Spader’s seminars,” said Ringler. “Our curtailment program and audit cycles are also designed to reflect the seasonality of the Canadian market but may not address every situation. Again, reaching out to your CDF Account Managers helps us ensure that we can be the kind of strongly engaged business partners you have come to expect.”
GE Capital CDF currently has a team of more than fifty field service employees across Canada that work with dealerships to complete these audits. “These tools have helped identify early warning signs for stressed dealers through the choppy economic conditions of 2008 and 2009,” said Ringler. “You can count on our teams to proactively share the results of their inspections with you. We take a thoughtful ‘no surprises’ approach to resolving any misunderstandings with our operating procedures.”
The organization has also made adjustments to its staffing in specific areas to better serve dealers. “An important part of our business strategy is to ensure that we provide you with fast responses to requests related to credit line increases, ownership succession, sale and purchase transactions and on-line transaction fulfillment,” said Ringler. “We have increased our staffing in key areas of our organization and through the balance of this year are making a very significant investment in our on-line dealer-servicing platform – COMS.”
GE Capital CDF currently provides floor plan financial services to more than 500 marine customers across Canada.