CFMOTO’s Canadian importer backed by GE Capital floorplanning
GE Capital’s Commercial Distribution Finance (CDF) business announced that it's providing inventory financing to Canada Motor Import Inc. (CMI), the country's exclusive importer of CFMOTO products.
Based in St-Benoit-Labre, QC, CMI has been importing CFMOTO products since 2007. It sells them through its network of 130 dealerships across Canada. Founded in 1989, CFMOTO produces all-terrain vehicles (ATVs) and utility terrain vehicles (UTVs) or side-by-sides in China under five brand names: Terralander, Snyper, Swat, Tracker and Trail Tracker. It plans to introduce two 650cc motorcycle models next year, followed by a marine product in 2015.
"We’re pleased that recognition of our products has increased quite a bit over the past several years," said Hélène Binet, CMI vice president of finance. "We're growing rapidly due to our new product introductions. That's why we believe this is a good time to expand our dealer base."
CDF provides inventory financing, also known as floorplan financing, which allows motorsports dealers to stock, market and sell a wide variety of products from manufacturers. It's an important element of a successful manufacturer-lender-distributor business model. Manufacturers can focus on their core product development and production capabilities while distributors can focus on delivering products and services to dealers without having to worry about financing the inventory acquisition.
"We're pleased to be CMI's preferred provider for all of its dealers' inventory financing needs," said Howard Shiebler, president and CEO of CDF in Canada. "The Canadian motorsports market has significant potential and we're looking forward to helping dealers and manufacturers grow their businesses here."
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.