Northpoint Commercial Finance has signed on to be the exclusive provider of floorplan financing and technology for CFMOTO USA’s dealers, Darren McCarthy, Northpoint’s vice president of business development, told Powersports Finance.
The multi-year partnership, effective Jan. 1, comes as a result of CFMOTO’s need for a single-technology platform that offers dealers online tools and monitoring capabilities.
“Our state-of-the-art floorplan management system allows CFMOTO dealers to have detailed reporting inventory analysis,” McCarthy said. The partnership will give dealers access to extended financing options and programs that will be run in conjunction with CFMOTO, he added.
Previously, CFMOTO’s floorplan financing was provided in-house, McCarthy said. “CFMOTO got to the point where it needed more online capabilities for the dealers to make direct debit payments,” he added. “They looked at all the traditional lenders, and after a lengthy process, selected Northpoint as their floorplan provider.”
Hangzhou, China-based CFMOTO, an on- and off-road powersports vehicle manufacturer, does business in more than 60 countries.
Northpoint also announced this week a multi-year agreement to provide floorplan financing to Garland, Texas-based Massimo Motor.