Cleveland-based bank holding company National City Corp. intends to expand its RV dealer inventory finance business, the company announced today (Dec. 15).
Although National City announced it is leaving the auto leasing business and will realign its consumer finance business, RV dealer floorplan finance is one of the sectors it intends to emphasize in its core market, which includes Ohio, Pennsylvania, Michigan, Indiana, Illinois and Kentucky, said Jeffrey Siler, executive vice president of dealer finance.
National City might also look for RV dealer customers in Missouri, Iowa and Tennessee, Siler added.
National City believes it has an opportunity to expand its RV dealer inventory finance portfolio because three lenders, CIT, Conseco and John Deere Credit, decided to exit the sector earlier this year, he said.
However, National City has no plans to buy market share by lowering credit worthiness standards.
“We’re pretty selective, we want well-capitalized dealerships,” Siler said. “We see an opportunity because overly aggressive lenders are pulling in their reigns.”