Northpoint Commercial Finance has signed on to be the exclusive provider of floorplan financing for ARGO’s — an amphibious ATV and off-road vehicle manufacturer — dealers across the U.S. and Canada, according to a company press release.
“Northpoint is looking forward to assisting ARGO, a company built on high standards, with their finance solutions and helping grow the company’s burgeoning dealership transactions,” Chris Cook, Northpoint’s executive vice president and general manager of the Canadian market, said in the release. “ARGO is an iconic and trusted brand; however, in this ever-changing market dealers need an edge with creative and flexible options to turn their inventory.”
New Hamburg, Ontario-based ARGO, a division of Ontario Drive & Gear Limited, provides extreme terrain vehicles to a network of over 300 dealers, and plans to double its dealers in the next few years, according to the release.
“ARGO stands firm behind providing our dealers and customers with exactly what they need,” Brad Darling, president of ARGO, said in the release. “As we roll out additional industry-specific models to meet the market’s needs, we must also provide attractive financing opportunities that address these needs as well. Our new partnership with Northpoint is a significant opportunity to increase sales and ensure the success and profitability of our dealers, and I’m confident that it will be well received.”
Northpoint Commercial Finance has been steadily boosting its OEM partnerships this year. The inventory financier signed an multi-year agreement with on- and off-road vehicle manufacturer CFMOTO USA, effective Jan. 1, to be its exclusive provider of floorplan financing. Additionally, Northpoint signed a multi-year agreement with Garland, Texas-based Massimo Motor in February.
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, told Powersports Finance in February.
“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 [Wells Fargo Commercial Distribution Finance]. We are probably growing close to a 100% each year [in dealers].”