Brunswick Corporation : Brunswick and Wells Fargo Commercial Distribution FinanceTM Announce Creation of Brunswick Commercial Finance for Canadian Dealers M
METTAWA, Ill. Sept. 4, 2018 - Leveraging its successful and longstanding relationship with Wells Fargo Commercial Distribution FinanceTM (CDF), Brunswick Corporation (NYSE: BC) announced today that it has entered into an agreement, naming CDF as the preferred provider of floorplan financing for all Brunswick boats and Mercury Marine engines sold to marine dealers in Canada under the private brand, Brunswick Commercial Finance (BCF), effective Dec. 1, 2018.
Under the new BCF program, dealers will have access to a streamlined and simplified financing process, while also benefiting from stability in floorplan availability long-term. Wholesale financing solutions will include flexible financing programs, 24/7 account access for dealers through the Customer Online Management System (COMS), a portal that offers fast answers and customer service, and up to 100 percent advance rates on inventory.
"We are excited to introduce this private label financing for Brunswick and Mercury dealers in Canada," said Tim Nixon, managing director - Canada at Wells Fargo CDF. "We are proud to be a part of this milestone, providing innovative financing solutions alongside such a great company as Brunswick."
This private label offering also provides dedicated credit lines for Brunswick dealers and its products. "We set out to create a stable source of floorplan financing for our Canadian dealers to help them grow," said Cecil Cohn, vice president - Boating Services Network. "In order to do that, they need simplified options and flexibility, which is why we decided to work with CDF, which has a stellar marine industry reputation for more than 45 years and has been an excellent joint venture partner to serve our U.S. dealers."
As part of Brunswick's recently announced Boating Services Network, it is expected that this BCF private brand will serve as a foundation to offer additional services to Canadian dealers in the future. "Building on the success of our existing services for U.S. dealers like retail finance outsourcing, extended product protection, and retail insurance, we expect the BCF offering will introduce Canadian dealers to Boating Services Network and help them expand their profits on each transaction, while delivering a superior purchase experience to the customer," said Cohn. "We look forward to exploring these opportunities in the coming months."
Canadian dealers received notice today of the Brunswick Commercial Finance offering. The transition from CDF to BCF will be managed over the next few months by the Wells Fargo CDF team in Canada. For more information, Canadian dealers can contact Patricia Carrara, Relationship Manager - Wells Fargo CDF Canada, at (905) 361-1799.
About Wells Fargo Commercial Distribution FinanceTM. Wells Fargo Commercial Distribution FinanceTM (CDF) provided $41 billion in financing for more than 30,000 dealers and more than 1,200 distributors and manufacturers globally in 2017. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. For more information, visit wellsfargo.com/cdf or follow company news via Twitter @WellsFargoCDF.
About Boating Services Network
Headquartered in Vernon Hills, Ill., Boating Services Network's leading dealer finance and operations service brands include floor planning from Brunswick Acceptance Corporation (USA) and Brunswick Commercial Finance (Canada), retail finance from Blue Water Finance and Mercury Repower Finance, retail extended product protection from Passport and Passport Premier, private label limited warranties for leading boat and engine manufacturers, retail insurance from Boater's Choice Insurance and close to 50 name brand marine dealer service providers from Brunswick Dealer Advantage. For more information about existing services, contact Kirsten Schuchardt, Director, Sales & Dealer Services at 920-929-5094.
Headquartered in Mettawa, Ill., Brunswick Corporation's leading consumer brands include Mercury and Mariner outboard engines; Mercury MerCruiser sterndrives and inboard engines; MotorGuide trolling motors; Ancor, Attwood, BEP, Blue Sea Systems, Czone, Del City, Garelick, Lenco Marine, Marinco, Mastervolt, Mercury, NAUTIC-ON, Park Power, Progressive Industries, ProMariner, Quicksilver and Whale marine parts and accessories; Land 'N' Sea, Kellogg Marine, Lankhorst Taselaar, Payne's Marine and BLA parts and accessories distributors; Bayliner, Boston Whaler, Brunswick Commercial and Government Products, Crestliner, Cypress Cay, Harris, Lowe, Lund, Princecraft, Quicksilver, Rayglass, Sea Ray, Thunder Jet and Uttern boats; Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group and SCIFIT fitness equipment; and Brunswick billiards tables, accessories and game room furniture. For more information, visit http://www.brunswick.com.
Brunswick Media Contact
|Contact: Daniel Kubera|
|Director - Media Relations and Corporate Communications|
Wells Fargo Media Contact
|Contact: Trisha Schultz|
|Media Relations and Corporate Communications|
© 2018 Wells Fargo Commercial Distribution FinanceTM. All rights reserved.
Wells Fargo Commercial Distribution FinanceTM is the trademark in Canada and a trade name in the U.S.
for certain inventory financing (floor planning) services of Wells Fargo & Company and its subsidiaries
including Wells Fargo Capital Finance Corporation Canada.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Brunswick Corporation via Globenewswire
Released September 4, 2018