ATV and side-by-side manufacture CF MOTO Powersports, Inc. has added Wells Fargo Commercial Distribution Finance as one of its floorplan providers, the companies announced in a press release Tuesday.
The multi-year deal will allow CF MOTO to leverage Wells Fargo’s resources to develop competitive programs, and take advantage of analytics and insights to support the OEM’s dealer development efforts, the companies said in the release.
CF MOTO will continue its floorplan partnership with Northpoint Commercial Finance alongside Wells Fargo and give its dealer network the option of which provider they prefer to work with, said Darren McCarthy, Northpoint’s vice president of business development.
“There is no preferential treatment one way or another, we will both be viable sources [for CF MOTO] going forward,” McCarthy told Powersports Finance. “There had been some dealers who were using Wells Fargo and wanted to continue to use Wells Fargo and I think CF MOTO wanted to accommodate that. It’s an entirely even playing field and we feel confident we’ll be able to maintain and service those dealers we have on the books and any new dealers going forward.”
Earlier this year, Wells Fargo continued to add partners as it had through 2017, with the addition of Mahindra Vehicle Service & Sales naming CDF as its preferred floorplan lender. CF MOTO is the lender’s latest partner after signing or resigning Ducati North America Inc., Kymco USA, and Suzuki Motor of America Inc. last year.
“We are thrilled to work with Wells Fargo CDF for its impressive track record of excellence and customer service,” said Eric Fan, chief financial officer at CFMOTO. “This financing will help us serve our clients even better and keep up with our fast-growing business in the United States.”