Turning Wheel RV Center, a multi-location RV dealership in the Southeast, announced this week that it had taken “bold steps” to restructure the company’s balance sheet and reformulate its business strategy, according to Marco Martinez, Turning Wheel RV president.
On April 9, the company voluntarily entered into an agreement with its floorplan financing lender, which allows the company to completely reduce its inventory and avoid the cash drain related to operating its business using floor plan financing.
As a result of the agreement with its lender, Turning Wheel RV is now positioned to rebuild its inventory without the use of floorplan financing. “We believe the agreement with our lender significantly strengthens our balance sheet,” Martinez added.
Earlier this year, the company engaged the New York-based investment banking firm The Reid Group LLC as advisers to assist the company with a restructuring and to reformulate its business strategy.
“We are taking steps to rebuild our inventory without floorplan financing and are developing an exciting incentive program for both customers and our sales force,” Martinez further stated.
The restructuring of its balance sheet, development and execution of its floor plan financing-free business strategy and expense reductions should help Turning Wheel RV weather the current economic storm and reposition the company for future growth.
Turning Wheel RV Center was named one of RVBusiness’ Top 50 Dealers last year.