Hisun Motors Corp. USA finalized an inventory financing program with Wells Fargo Commercial Distribution Finance in early July to offer floorplan financing to the manufacturer’s network of dealers, according to a company press release.
Hisun has a “growing product suite, and we are very excited to help them expand their dealer base and grow the business,” said Jeremy Jansen, CDF’s president of the motorsports group. “It’s a great win for Wells Fargo, and I’m confident we are going to be able to help them achieve many of their goals.”
The new relationship “opens new markets for Hisun due to Well Fargo’s vast reach with powersports dealers,” Ryan Daugherty, Hisun’s vice president of sales and marketing, said in the release. “We are confident the addition of CDF will result in exponential growth in Hisun’s network of North American dealers.”
McKinney, Texas-based Hisun Motors Corp. USA is a wholly owned subsidiary of Hisun Motors Corp. Hisun produces 13 models of off-road utility vehicles and 10 ATVs. The manufacturer began selling directly to dealers at the beginning of 2015 under the Hisun brand name.
CDF continues to boosts its presence in powersports, following its merge with Wells Fargo & Co. in March. Ducati North America extended its floorplan financing program with CDF in late June.
“There’s a couple other announcements coming within next 30 days,” Jansen told Powersports Finance today. “We’re happy with the level of new OEM activity here at Wells Fargo CDF; it’s a testament to the breadth of the existing relationships that we have, as well as people, experience, and technology that we offer.”
CDF also completed the purchase of the Asia segment of GE Capital’s CDF business earlier this month, which included the addition of 46 team members in markets where Wells Fargo currently operates in Asia Pacific. The Australia and New Zealand segment is expected to close later this year. The Europe, Middle East, and Africa segment will also close later this year. The total international transactions includes $31 billion of assets, according to a company press release.
Chicago-based CDF 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.