Wells Fargo Commercial Distribution Finance teamed up with National Powersport Auctions to launch a finance program that will help independent dealers maintain ideal inventory levels throughout the sale cycle, according to a company press release. The new venture will also provide dealers with inventory financing to help minimize capital outlays for pre-owned inventory purchases.
“The pre-owned powersports market is growing rapidly, and we are eager to deliver our products, services, and expertise to NPA’s independent dealer community,” Jeremy Jansen, president of Wells Fargo CDF’s motorsports group, said in the release. “We look forward to expanding our relationship with the NPA team and bringing our portfolio of inventory financing services to a broader powersports customer-base.”
The program, which launched Sept. 16, will “expand CDF’s reach,” according to the release. Under the agreement terms, NPA and CDF will arrange financing on units purchased at their auctions.
“This opportunity is exciting and will connect thousands of independent dealers that do business with us to CDF’s additional solutions, helping them strengthen and grow their businesses,” Jim Woodruff, chief operating officer at NPA, said in the release.
CDF has cast a wide powersports net around OEM partnerships, in particular, this year. Most recently, for example, CDF finalized an agreement to provide inventory financing solutions with golf cart manufacturer Columbia ParCar on Sept. 8.
CDF’s other inventory finance agreements include Ducati North America, Hinsun Motors Corp. USA, and Arctic Cat Canada — which were all finalized in the second quarter.
Chicago-based CDF, a division of Wells Fargo & Co., provided $47 billion in financing for more than 40,000 dealers globally, 5,000 dealers nationally, and 2,000 distributors and manufacturers globally in 2015.