Supports Forty-Five U.S. and Canadian Boat Brands; Extends Through
GE Capital's Commercial Distribution Finance (CDF) business announced
today it has extended its strategic floorplan financing agreement with
Independent Boat Builders, Inc. (IBBI), a major boat manufacturer buying
group, in the U.S. and Canada. The program covers 24 manufacturers that
sell 45 brands. Established in 1989, IBBI, based in Benton, IL, is the
largest cooperative buying group in the U.S. and Canada, with IBBI
manufacturers selling more boats in those countries than any other
Under this program, CDF anticipates funding over $3 billion for IBBI
boat dealers. The program will provide qualified dealers with special,
vendor-subsidized financing programs and terms, as well as a dedicated
staff with extensive marine experience in order to provide world-class
customer service. Additionally, dealers will have access to COMS, CDF's
proprietary online inventory finance management tool, and Analytics
Online, which provides crucial information and insights about inventory
“GE Capital’s knowledge of our business model and the marine industry
has made a big impact with our members over the last several years,"
said Tom Broy, president of IBBI. "We are pleased to be able to extend
GE’s flexible financing programs and superb management systems through
“We are thrilled to continue the strategic program with the IBBI," said
Bruce Van Wagoner, president of CDF's marine group, "We have enjoyed a
strong relationship and we will continue to deliver valuable tools that
IBBI members can leverage to help them succeed.”
In the marine industry for more than fifty years of business and
economic cycles, CDF has offered customer-centric new and pre-owned
floorplan programs that enable marine dealers to stock a broad selection
of products. Inventory financing, also known as floorplan financing, is
an important element of a successful manufacturer-dealer business model.
Manufacturers and distributors benefit from enhanced product flow and
increased sales opportunities, and dealers obtain improved terms and
About Independent Boat Builders, Inc.
Independent Boat Builders, Inc. (IBBI) was formed as a marine purchasing
cooperative in 1989 by a group of independent, recreational boat
builders. IBBI has maintained strict standards for membership. Today, it
has twenty highly-regarded shareholders, each recognized in the industry
for its top-quality boats, its integrity and its stability. For more
information on IBBI and its members’ brands, visit www.ibbi.com.
See the full list of IBBI manufacturers and brands here.
About GE Capital, Commercial Distribution Finance
GE Capital, Commercial Distribution Finance provided $34 billion in
financing for more than 30,000 dealers and more than 3,000 distributors
and manufacturers in the U.S. and Canada in 2013. Programs include
inventory and accounts receivable financing, asset-based lending,
private label financing, collateral management and related financial
products. For more information, visit http://www.gecdf.com/
or follow company news via Twitter (http://twitter.com/GEInventoryFin).
GE Capital offers consumers and businesses around the globe an array of
financial products and services. For more information, visit www.gecapital.com
or follow company news via Twitter (http://twitter.com/GECapital).
GE (NYSE: GE) works on things that matter. The best people and the best
technologies taking on the toughest challenges. Finding solutions in
energy, health and home, transportation and finance. Building, powering,
moving and curing the world. Not just imagining. Doing. GE works. For
more information, visit the company's website at www.ge.com.
GE Capital, Americas
Tara Lambropoulos, 312-441-7854
Boat Builders, Inc.
Tom Broy, 618-435-4476
Source: GE Capital