Ural Gains Floorplan Financing from GE CapitalFri, 14 Jun 2013 00:00:00 -0700
Sidecar specialist Ural Motorcycles took an important step forward towards increasing its reach in the U.S. market after reaching a deal with GE Capital to provide inventory financing to dealerships.
Inventory financing (also known as floorplan financing) is a revolving line of credits dealers can use to help increase its inventory. The financing company, GE Capital in this case, provides funding to finance the inventory, with the products themselves as inventory. When a dealer makes a sale, part of the price is used to pay off the financing.
Ural, which first entered the U.S. market in 1993, currently has 75 active dealers across the country. With the support of GE Capital’s Commercial Distribution Finance business, existing Ural dealers can more easily afford to expand their product offerings.
“Due to their vintage feel and durable construction, we’ve found a real appetite for our products in the U.S.,” said Jon Bekefy, Ural’s chief marketing officer. “Now that we’ve arranged for inventory financing through GE Capital, we can continue to focus on growing retail sales and building long-term relationships with our national dealer network.”
A strong inventory financing arrangement (also known as floorplan financing) would also make it easier for Ural’s U.S. distributor, Irbit Motorworks of America, to sign up new dealers.
“Our deep expertise in this sector enables us to support a wide variety of motorsports products,” said Sameer Gaur, president of CDF’s motorsports group. “We’re looking forward to helping Ural expand its presence in the U.S. marketplace with financing programs that are right for its dealers.”
[Source: GE Capital]
By Dennis Chung
See also: Ural Reports Continuing Sales Growth, Ural Posts Third Consecutive Year of Growth, Go camping with your bike.