December 04, 2009
GE Capital Acquires Over $200 Million of Floorplan Financing for Arctic Cat
HOFFMAN ESTATES, Ill. — GE Capital’s Commercial Distribution Finance (CDF) division will acquire over $200 million of dealer floorplan financing receivables for the Arctic Cat dealer network in the U.S.
GE Capital will be acquiring the portfolio from Arctic Cat’s former financier, Textron Financial Corporation, and is now the exclusive provider of inventory finance for Arctic Cat under a multi-year program.
“We are excited about our new partnership with GE Capital,” said Christopher Twomey, Arctic Cat’s chairman and chief executive officer. “Through this partnership we’ll be able to provide innovative financing programs and world-class service to our dealer network.”
GE Capital expects to take over Arctic Cat assets from Textron beginning in December and to provide financing for nearly 700 U.S.-based Arctic Cat dealers.
“The acquisition of the Arctic Cat dealer relationships and receivables completes our recently announced program agreement with Arctic Cat,” said Peter Lannon, managing director/group president of motorsports and recreational vehicles for GE Capital, CDF. “We look forward to providing Arctic Cat and Arctic Cat dealers with funding, business intelligence and services to enable them to grow.”