Northpoint Commercial Finance has hired a new director of business development for its Canadian operations from its inventory financier competitor Wells Fargo Commercial Distribution Finance. Neil Panchal, former inside sales representative for Wells Fargo CDF, joined the company in late April.
Panchal will report to Northpoint’s Vice President of Business Development Bob Eddy, and will be responsible for advancing business and client relationships in Ontario and Manitoba, according to a company press release.
Panchal has 12 years of experience in floorplan financing. Prior to joining Northpoint, he held operational and sales positions at GE Capital and Wells Fargo CDF.
Separately, Northpoint hired two new directors of business development for the field sales organization. Richard Derbonne will lead development efforts in Texas and Oklahoma, and Greg Nash will lead development efforts in North Carolina, Virginia, West Virginia, Maryland, and Delaware, according to the release. Director of Business Development Greg DeCastro — who previously covered Texas and Oklahoma — has relocated and will now cover South Carolina, Georgia, and eastern Tennessee.
Derbonne joins the Northpoint team from GE Franchise Finance and brings more than 20 years’ experience in financial services to his new role. Previously, Derbonne held senior sales and management positions with Transamerica, Bombardier Recreational Products Inc., First Horizon National, and CDF. Nash brings more than 25 years of floorplan financing experience with companies such as ITT, Deutsche Financial Services, Textron Financial, and — most recently — NextGear Capital.
Northpoint Commercial Finance offers inventory lending and asset-based financing for OEMs, distributors, and dealers across a variety of industries, including powersports manufacturers CFMOTO and Massimo Motor.
Northpoint adds more than 500 dealers to its network each year, across all segments, and currently provides floorplan financing to “a few hundred” powersports dealers, Darren McCarthy, Northpoint’s vice president of business development, previously told Powersports Finance.
“We’ve been growing at a very rapid pace,” he added. “For powersports, year over year, it’s a rather expansive growth; that percentage is very high because our portfolio is very small compared to GE Capital. We are probably growing close to a 100% each year [in dealers].”