GE Capital adds dedicated team to expand Canadian agricultural equipment financing
MISSISSAUGA--GE Capital's Commercial Distribution Finance (CDF) business is adding resources to support Canadian manufacturers and dealers of agricultural equipment. Through increased credit capacity and an expanded, experienced sales force, CDF plans to significantly grow its presence in this important sector of the economy.
CDF works with manufacturers and distributors to create inventory finance programs that enable dealers to stock a broad selection of products. Inventory financing, also known as floorplan financing, is an important element of a successful manufacturer-dealer business model. Manufacturers and distributors can benefit from enhanced product flow and increased sales opportunities, while dealers can obtain improved terms and credit availability.
CDF currently has 30 agricultural equipment manufacturer customers who supply more than 200 active dealers across the country. Overall, CDF has relationships with 500 manufacturers and 4,500 dealers nationwide in a variety of sectors, including lawn and garden, motorsports, recreational vehicles and marine products.
"We have more than 30 years' experience in the agricultural equipment industry so we understand its unique financial requirements," said Howard Shiebler, president and CEO of CDF in Canada. "With our Canadian focus, North American alignment and global capabilities, we can help manufacturers develop specialized financial solutions tailored to their dealers' needs."
Kevin Crellin has joined CDF as the lead agricultural sales manager in Western Canada. Crellin had been with Western Financial Group and its Agrifinance division since 1993, most recently as vice president of sales and marketing. He graduated with honours with a Bachelor of Commerce degree from the University of Manitoba.
Scott Ferguson, based in Milton, ON, will serve as sales manager in Ontario and Quebec. He is a veteran in agribusiness finance, having previously worked with John Deere Credit, De Lage Landen and Agco Finance. Ferguson holds a Bachelor of Arts degree in economics from Concordia University.
With strong backgrounds in equipment leasing and corporate lending, Crellin and Ferguson will focus on new business opportunities in the agriculture industry.
Yves Rizk, CDF's agriculture and outdoor products group industry leader, is based in Mississauga, ON. He joined GE Capital in 2005 and has an MBA from Wilfrid Laurier University.
As a result of our long-standing position as a leading financing provider to Canadian manufacturers and distributors and their dealers, CDF provides market intelligence that can help companies throughout the supply chain manage their businesses.
In addition, dealers that choose to finance through us obtain instant access to unique online tools, including customized inventory management reports, exclusive industry data and insightful benchmarking data. Our Transfer Locator tool allows dealers to find exactly the right product for a customer and complete a hassle-free dealer-to-dealer transfer online.
CDF has 170 employees across the country.
GE Capital, Commercial Distribution Finance provided nearly US$31 billion in financing for more than 40,000 manufacturers, dealers and distributors across 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.