U.S. Bank Vies for Floorplan Business
As interest rates rise and problems at General Motors and Ford Motor Co. affect their captives, U.S. Bank battles captives for floorplanning business, according to Automotive News.
As interest rates rise and problems at General Motors and Ford Motor Co. affect their captives, U.S. Bank battles captives for floorplanning business, according to Automotive News.
Dealer Commercial Services group president Tom Pritchard reports that U.S. Bank’s portfolio holds 400 dealer relationships, 246 of which include floorplan relationships amounting to commitments of approximately $3 billion.
U.S. Bank offers capital financing, term loans, commercial real estate loans and personal banking to dealers, according to Pritchard, as well as new products to attract dealers shopping for competitive floorplan lenders.
Pritchard says that dealers are responding to rising interest rates by more closely monitoring inventory and expenses. U.S. Bank plans to provide dealers the ability to hedge against rising interest rates and a full array of products and services, creating a holistic relationship between the lender and dealer, according to Automotive News.
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