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Merchants Bank debuts floorplan software for dealers

Merchants Bank has signed on to use White Clarke Group’s floorplan finance software after searching for an upgraded solution for its powersports, marine and auto dealers, the companies announced.  

Merchants Bank is a regional lender that operates in Minnesota and Wisconsin. It works with three powersports dealers and a dozen auto dealers, a Merchants spokeswoman told Powersports Finance. 

The software — called Calms Compass — supports floorplan business processes from the credit review to loan and portfolio servicing. Its features include title and insurance tracking, underwriting tools and risk management.  

Previously, Merchants was managing the floorplan process manually through spreadsheets, which created “unavoidable issues with human error,” Regional President Dan Massett said in a press release. “We then had a problem with items funded by floorplan finance appearing as individual loans on statements.” 

After its dealer network complained about the issues, Merchants searched for third-party software and chose Calms Compass based on dealer feedback. “Before we purchased, we made sure the product was going to meet the needs and expectations of our customers,” Masset added. 

The bank, which has $1.7 billion of assets and employs 450 people, plans to incorporate more digital features with initiatives ranging from commercial online and mobile banking to treasury management, according to the release. 

Yamaha Motor Finance Corp. USA also uses Calms Compass for its wholeale business. 

Matthew Wood

Matt Wood is the Associate Editor of PowerSports Finance, where he is responsible for covering all the latest news, trends, and innovations with powersports lenders and dealerships. Previously, Matt was a writer for Auto Finance News before switching full-time to PowerSports Finance. He is also an experienced entertainment news writer covering pop culture, movies, and TV shows. Matt received his Bachelor’s degree in Communication from Rowan University in New Jersey.

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