STAMFORD, Conn.--(BUSINESS WIRE)--April 14, 2003-- GE Distribution Finance Unit Signs Long-term Agreement Tire Centers, LLC ( TCI ) and GE Distribution Finance, the commercial arm of GE Consumer Finance, recently signed a multi-year agreement to provide a national TCI Business Revolving Charge program, offering credit options to qualifying commercial customers. The new program was launched April 1, 2003, at more than 150 TCI locations nationwide.
Approved businesses can receive a 25-day grace period or extend payments for up to 12 months, depending on the purchase amount. TCI, a wholly owned subsidiary of Michelin North America, Inc., entered into the agreement to better serve the needs of its business customers.
The program is particularly valuable because it enables growing business customers to make their tire and vehicle maintenance purchases without tying up other credit lines or impacting their cash flow, said Chris Little, vice president and general manager of GE Distribution Finance. We are pleased to have this opportunity to build a relationship with TCI, one of the largest tire distribution and tire service companies in the U.S., and to help the company and its customers grow.
TCI's customer base includes commercial business fleets of every size, from medium-size delivery vans and contractors, to large local and over-the-road freight haulers, said Evan Roberts, Commercia Marketing Director for TCI. We are excited about having this new program available for our qualified business customers.
The flexibility of this program enables businesses to better manage the maintenance and tire budgets for their vehicles, which are essential to their company's performance, operating affectivity, and cash flow management.
TCI is a wholly owned subsidiary of Michelin North America, Inc. The company employs more than 2,300 people in 39 states. TCI supports its truck and earthmover customers from more than 135 commercial locations with a fleet of 700 equipped service vehicles. The company also operates 13 state-of-the-art Michelin Retread Shops in 11 states. TCI is headquartered in Duncan, S.C.
For additional information, visit www.tirecenters.com .
GE Distribution Finance, based in Jacksonville, Fla., the commercial unit of GE Consumer Finance, provides business-to-business trade receivables management solutions, including private label credit programs, account receivable financing and inventory financing for national and regional clients.
The success of GE Distribution Finance is a terrific growth story, said Mark Begor, president and CEO of GE Consumer Finance-Americas. This unit is uniquely positioned to help businesses in diverse industries manage their inventories, costs and profitably distribute their products.
GE Consumer Finance, a unit of General Electric Company, with more than $77 billion in assets, is a leading provider of credit services to consumers, retailers, and auto dealers in 35 countries around the world.
GE Consumer Finance, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, inventory financing, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance.
General Electric Company is a diversified services, technology and manufacturing company with operations worldwide.
More information about General Electric Company can be found online at www.ge.com .
For further information, contact:
Cristy Williams, (770) 522-5039 (office)
or (404) 993-7410 (mobile).
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CONTACT: General Electric
Cristy Williams
770/522-5039 (office)
404/993-7410 (mobile)
Cristy Williams
[email protected]
678.518.2596