Wayzata, Minn.-based TCF Inventory Finance Inc. (TCFIF), a subsidiary of TCF National Bank and an indirect subsidiary of TCF Financial Corp., today (Jan. 20) announced plans to further expand its floorplan finance offerings into the recreational vehicle industry within the U.S. and Canada.
According to a press release, since its 2008 founding TCFIF has gained significant market share in the electronics and appliances industry as well as the lawn and garden industry. In the powersports industry, TCFIF is the exclusive floorplan finance provider for Arctic Cat in Canada and, beginning Feb. 1, for Bombardier Recreational Products in both the U.S. and Canada. Although TCFIF is relatively new in the market, TCFIF said its executive leadership team averages over 20 years of inventory finance experience in all of these industries.
Last year, TCFIF entered the RV industry in the U. S. and Canada by becoming the preferred lender for Jayco Inc.’s three RV divisions (Jayco, Starcraft and Entegra Coach). With a strong presence at the recent National RV Trade Show in Louisville, Ky., TCFIF took the opportunity to meet with several RV manufacturers and dealers. TCFIF will continue to initiate discussions with potential customers and secure repurchase agreements from major RV manufacturers.
“We are excited to begin developing more relationships within the RV industry,” said Ross Perrelli, president and CEO of TCFIF. “We are confident that we are the best choice for floorplan financing for RV manufacturers and dealers.”
For more information about TCFIF, visit www.tcfif.com.
Middlebury, Ind.-based Jayco Inc. recently entered into an agreement with TCF Inventory Finance Inc. (TCFIF) making TCFIF the preferred inventory finance source for dealers of Jayco’s three recreation vehicles divisions.
Derald Bontrager, Jayco’s president and COO, said that TCFIF will provide Jayco, Starcraft and Entegra Coach dealers with floorplan financing at competitive rates with innovative inventory management tools.
“Over the past few years, it has become increasingly apparent that reliable, effective wholesale financing is critical to the success of both Jayco and its dealers,” he said. “We’re pleased to partner with an organization like TCFIF that will provide aggressive, practical financial services solutions to our dealers,” he said.
Jayco’s agreement marks TCFIF’s entry into the recreation vehicle industry in the U.S. and Canada.
“The launch of this aggressive new program with Jayco clearly supports our entrance into the RV business,” said Ross Perrelli, president and chief executive officer of TCFIF. “We are truly excited about partnering with Jayco and believe the relationship is an excellent fit for Jayco, its dealers and TCFIF.”
TCFIF, headquartered in Schaumburg, Ill., is a subsidiary of Wayzata, MN based TCF National Bank, and offers a full range of inventory financing programs to manufacturers and their dealers throughout the United States and Canada. TCFIF is extensively involved in the lawn and garden industry, the power sports industry, and the consumer electronics and household appliance industry.