GE Capital's Commercial Distribution Finance (CDF) business has extended its strategic floorplan financing agreement with Independent Boat Builders, Inc. (IBBI), a boat manufacturer buying group with members in Canada and the US.
"GE Capital's knowledge of our business model and the marine industry has made a big impact with our members over the last several years,” said Tom Broy, President of IBBI. “We are pleased to be able to extend GE's flexible financing programs and superb management systems through 2017.'
The program covers 24 manufacturers that sell 45 brands. Established in 1989, IBBI, based in Benton, Illinois, is the largest marine cooperative buying group in North America. GE Capital CDF says IBBI manufacturers sell more boats in Canada and the US than any other entity.
"We are thrilled to continue the strategic program with the IBBI,” said Bruce Van Wagoner, President of GE Capital's CDF's marine group, “We have enjoyed a strong relationship and we will continue to deliver valuable tools that IBBI members can leverage to help them succeed.'
Under this program, CDF anticipates funding over US $3 billion for IBBI boat dealers. The program is said to provide qualified dealers with special, vendor-subsidized financing programs and terms, as well as a dedicated staff with extensive marine experience to provide customer service. Additionally, dealers will have access to COMS, CDF's proprietary online inventory finance management tool, and Analytics Online, which provides information and insights about inventory finance management.
GE Capital, Commercial Distribution Finance provided $34 billion in financing for more than 30,000 dealers and more than 3,000 distributors and manufacturers in the Canada and the US in 2013.