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E*TRADE’s Ganis to Launch New Programs
Posted By Sherman Goldenberg On January 29, 2003 @ 3:00 pm In Breaking News | No Comments
Ganis Credit Corp. has lowered its dealer buy rate twice since it was acquired on Dec. 23 by E*TRADE Group Inc., and new loan products and services are being developed for RV dealers and manufacturers, according to Mitch Shatzen, director of marketing, recreation loan products, for E*TRADE.
E*TRADE paid $101 million to buy Ganis from Germany’s Deutsche Bank AG, which demonstrates E*TRADE is committed to maintaining Ganis as a major provider of retail loans marketed through RV dealers and manufacturers, Shatzen said.
“E*TRADE is a technology-driven company and our dealers and manufacturers will see, over time, what that means to them in terms of improving their operating efficiencies,” Shatzen said.
Ganis will continue marketing retail loans for RV purchases through its existing programs with Affinity Group Inc.’s (AGI) Good Sam Club and the Family Motor Coach Association (FMCA), he added.
AGI also is the parent of TL Enterprises Inc., publisher of RV Business and RVBUSINESS.COM.
Additionally, Ganis will continue to operate Thor Credit Corp., which provides retail financing to the buyers of Thor Industries Inc. products.
There are no plans for Ganis to enter dealer inventory finance, Shatzen added.
Ganis recently created a two-person team to work with RV manufacturers on special loan programs dealers can use to boost sales at retail shows and to help dealers clear out inventory at model-year changeover times, he said. The details have not been finalized but 0% interest and “no interest for six months” programs are under consideration.
The two-person team includes Peggy Bodenreider and Vince DeLuca, who share the title: manager of manufacturer relations.
The appointment on Friday (Jan. 24) of Mitchell H. Caplan as E*TRADE’s CEO provides another example of E*TRADE’s commitment to the banking side of the parent company’s business, Shatzen said.
Caplan joined E*TRADE in 2000 when E*TRADE acquired Telebank and Telebanc Financial Corp., which were subsequently renamed E*TRADE Bank.
Caplan replaced Christos Cotsakos, who is credited with transforming E*TRADE from a small, private “deep-discount” stock brokerage firm into a New York Stock Exchange-listed financial services provider with $1.3 billion in annual revenue.
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