STAMFORD, Conn.--(BUSINESS WIRE)--May 20, 2003--Workhorse Custom Chassis and GE Distribution Finance, the commercial arm of GE Consumer Finance, have signed a multi-year agreement, creating a national Chassis Finance Program for qualified Workhorse dealers. Workhorse, with headquarters in Union City, Indiana, is one of the industry's leading manufacturers of chassis for commercial step vans.
The company has approximately 350 commercial truck dealers nationwide. The new plan allows approved Workhorse dealers to receive initially up to 60-day interest free financing, dedicated credit lines and flexible payment terms for chassis purchases. This allows them to stock chassis and maximize revenue opportunities while minimizing the impact on cash flow.
In addition, Workhorse dealers on the Chassis Finance Program will have full access to e-commerce account management tools that allow for improved inventory management and payment flexibility.
We're very confident that our new Chassis Finance Program will invigorate dealer sales, said Ryan Billet, vice president - strategic development of Workhorse Custom Chassis. Providing our dealers with tools to streamline their business is critical to Workhorse's long-term growth strategies. The Chassis Finance Program is one such tool that will make financing easier and more accessible to our dealers, enhance their inventory management capabilities and allow them to better serve their customers. Enhancing dealer cash flow is another important benefit of the new program.
The value of this program is it enables Workhorse dealers to establish and maintain inventory levels for their particular needs without impacting their cash flow, said Chris Little, senior vice president and general manager of GE Distribution Finance. We are pleased to have this opportunity to build a relationship with Workhorse Custom Chassis and help the company and its customers grow.
Workhorse Custom Chassis specializes in the manufacture of chassis for motor homes, walk-in trucks and buses. The company is ISO 9000 certified and considered a leader in the motor home and walk-in truck industries.
GE Distribution Finance, based in Jacksonville, Fla., provides business-to-business trade receivables management solutions, including private label credit programs, account receivable financing and inventory financing for national and regional clients.
GE Consumer Finance, a unit of General Electric Company, with more than $70 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, 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
additional information about Workhorse, visit workhorse.com
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Cristy Williams
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