Textron Financial Corp., a Textron Inc. company, and Forest River Inc. this week announced the formation of a new Forest River division that will serve as the wholesale inventory financing unit of Forest River Financial Services.
Through Forest River Financial Services – Dealer Finance, Textron will provide Forest River dealers with dedicated lines of credit with competitive rates and terms. The new division will serve all Forest River dealers and all Forest River RV, trailer and marine products in the United States and Canada.
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“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.”
The program, immediately available through Forest River Financial Services – Dealer Finance, has been designed to dramatically and permanently reduce Forest River dealers’ floor plan interest expenses and increase dealer sales of Forest River products. Forest River dealers will receive a quarterly interest rebate check for all Forest River products financed through Forest River Financial Services – Dealer Finance that are retail sold within 90 days.
Liegl added, “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 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 Inc. is a maker of RVs utility trailers, commercial vehicles and structures, pontoon boats and manufactured houses. Founded in 1996, it is part of Berkshire Hathaway, Inc. (NYSE: BRK.A and BRK.B). Forest River Financial Services was formed this year to improve the profitability of Forest River’s dealers. More information is available at www.forestriverinc.com.
Textron Financial Corp. (www.textronfinancial.com) is a diversified commercial finance company with $9 billion in managed receivables. Its core businesses include Aviation Finance, Asset-Based Lending, Distribution Finance, Golf Finance, Resort Finance, and Structured Capital; Textron Financial also provides financing programs for products manufactured by its parent company, Providence-based Textron Inc. (NYSE: TXT); more information is available at www.textron.com.
