Wells Fargo Commercial Distribution Finance extended its financing program with Suzuki Motor of America Inc., and will continue to serve the manufacturer’s network of powersports and marine dealers with inventory financing, according to a company press release.
Suzuki Motor of America distributes motorcycles, ATVs, scooters, and outboard motors via an extensive dealer network throughout 49 states.
“Our long-term relationship with CDF has been instrumental in providing our Suzuki dealers [the] financing necessary to sell and promote Suzuki powersports and marine products,” Mark Boyer, credit manager for Suzuki, said in the release. “This nearly 40-year business relationship will continue the advancement of Suzuki’s business in the powersports and marine business industry.”
Wells Fargo CDF has been in an active renewal period with its manufacturer partners over the past two years, including the inventory financier’s most recent renewals with KTM North America in March 2016; Ducati North America in June 2016; and Triumph Motorcycles in December 2016.
The OEM renewal pipeline is still strong, Jeremy Jansen, president of the company’s motorsports group, told Powersports Finance in October. “On the new OEM front, we are excited to onboard a few manufacturers within the coming year,” he added.
Wells Fargo CDF provided $46 billion in financing for more than 33,000 dealers and 1,400 distributors and manufacturers globally in 2016, according to the release.
Separately, Wells Fargo CDF shifted its focus in the fourth quarter toward increasing technology investments and building up its staff to provide increased dealer support — after focusing on the company’s integration with Wells Fargo & Co. for most of 2016, Jansen previously said. The inventory financier is allocating more commercial resources toward getting representatives into the field to meet the needs of its dealers and OEM partners following the acquisition, he added.