Forest River Inc., a leading RV manufacturer based in Elkhart, Ind., has selected Ally Financial as an additional provider for dealer inventory financing in the U.S. The agreement is effective immediately.
“Ally Financial is a proven financial services provider with nationwide scale for the U.S. RV industry, and we are pleased to develop this relationship for our dealer network,” said Joseph Greenlee, CFO for Forest River.
According to a press release, Ally Financial will participate in Forest River’s interest reimbursement program for RV dealers obtaining wholesale financing from Ally. Eligible dealers can receive an interest rebate from Forest River for units sold to retail customers within 90 days of invoice.
“We’re excited about the rebate program because it essentially speeds up the average turn time for inventory,” said Mark Manzo, vice president of Alliance Sales for Ally Financial. “That’s good for us and good for dealers, enhancing their business model.”
In addition to wholesale financing, Ally also offers RV dealers real estate and commercial loans, inventory insurance, remarketing services for RV trade-ins and consumer financing to support new and used RV sales.
“Forest River is a quality manufacturer that expects a world class financing experience with attractive terms,” said Mark Manzo, vice president of Alliance Sales for Ally Financial. “We have the infrastructure and capabilities to meet those needs, and Ally welcomes the opportunity to grow its RV portfolio while serving Forest River dealers and their customers.”
“Since we entered the RV finance business, our goal has been to provide a full gamut of services to the industry. Our focus ranges from smaller dealerships to the large, national retailers. Currently we have over 1,000 RV dealer relationships.”
Forest River, a Berkshire Hathaway company, currently has manufacturing in six states within the United States with more than 8,000 employees producing numerous brand names. The company sells to independent dealers in the United States and Canada.
“At Ally, we are committed to the RV market,” Manzo said. “Looking at the seasonality and flexibility in the wholesale market, we see this as an opportunity for us to grow our market share and help dealers grow sales.