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Winnebago Industries Inc. has sold the majority of its Winnebago Acceptance Corp. (WAC) dealer finance receivables to GE Commercial Distribution Finance Corp. for around $34 million, the motorhome manufacturer announced today (April 25).
“We welcome GE Commercial Distribution Finance Corp.’s continued commitment to the RV industry,” said Bruce Hertzke, Winnebago’s chairman, president and CEO. “The sale of the WAC receivables will allow Winnebago Industries to focus on what we do best: the production of high-quality motorhomes.”
GE Commercial Distribution Finance has been involved with the RV industry since Nov. 1, when it acquired the dealer inventory finance portfolio of Deutsche Financial Services (DFS). It offers inventory finance, accounts receivable finance, purchase order funding, private-label finance, credit and collection services, collateral management services, working capital loans and extended warranty and service agreement programs to its RV industry customers.
In a separate transaction, DFS sold Ganis Credit Corp., its RV retail lending subsidiary, to E*Trade Group Inc. in December.