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Elkhart, Ind.-based Forest River Inc. has aligned with Textron Financial Corp. to provide financing for its dealer body, including a 90-day, no interest program that rewards retailers for “quick turns” on Forest River products.
In conjunction with the Textron agreement, the builder has formed a wholesale financing unit, Forest River Financial Services – Dealer Finance. Forest River said the group will extend dedicated lines of credit with highly competitive rates and terms, along with a full package of financial services to its dealer base in the recreational vehicle, marine and trailer sectors.
“Forest River is committed to partnering with our dealers in significant ways to make them the most profitable, best managed and financially strongest dealers in our markets,” said Pete Liegl, president of Forest River. “I am excited about the potential of our relationship with Textron Financial because of their commitment to outstanding service and their ability to offer competitive rates to our entire dealer base.”
According to Brad Mart, general manager of Forest River Financial Services, one of the unique aspects of the exclusive arrangement with Textron is a 90-day program designed to “change the way dealers approach inventory management.”
“Dealers that buy Forest River products and finance them through Forest River Financial Services will receive a quarterly interest rebate check for units they sell and pay off within 90 days,” Mart explained. “It potentially gives dealers an opportunity to increase profits, while also freeing up room to buy more product.”
Mart added, “The feature that differentiates this offering in the marketplace is that it is a perpetual program – there is no expiration date. Other programs usually include a one-time promotion. Also, there is no fine print. If the product isn’t sold in the 90 days, the dealer will simply pay a competitive interest rate.”
Mart said dealers would not be obligated to reorder with Forest River, but he feels the program will act as a “positive incentive” to finance additional product.
“Our hope is that after dealers start seeing their bottom lines improve, they’ll become committed to the program,” he said.
Liegl noted: “With this innovative program, we are providing a significant financial incentive for our dealers to do what they should already be doing – that is to buy the right products for their market, price them properly and sell them within 90 days.”
The financing program is immediately available through Forest River Financial Services – Dealer Finance and will be administered within a dedicated unit of Textron Financial located in Alpharetta, Ga.
“The culture and values of our two companies are very similar, so working together to develop this exclusive relationship has been a great experience” said Dan Radley, president of Textron Financial’s private brands division.
Forest River will be answering questions and providing applications to dealers at its booth during the National RV Trade Show in Louisville, Ky.