Dave Molyneux won his 15th career Isle of Man TT race with a victory in the first Sure Sidecar TT race of the 2012 festival. The win comes in Molyneux’s return to the Isle of Man TT after sitting out last year’s competition. By far the most successful Sidecar racer in TT history Molyneux is […]
Ural Gains Floorplan Financing from GE Capital
Sidecar specialist Ural Motorcycles took an important step forward towards increasing its reach in the U.S. market after reaching a deal with GE Capital to provide inventory financing to dealerships.
Inventory financing (also known as floorplan financing) is a revolving line of credits dealers can use to help increase its inventory. The financing company, GE Capital in this case, provides funding to finance the inventory, with the products themselves as inventory. When a dealer makes a sale, part of the price is used to pay off the financing.
Ural, which first entered the U.S. market in 1993, currently has 75 active dealers across the country. With the support of GE Capital’s Commercial Distribution Finance business, existing Ural dealers can more easily afford to expand their product offerings.
“Due to their vintage feel and durable construction, we’ve found a real appetite for our products in the U.S.,” said Jon Bekefy, Ural’s chief marketing officer. “Now that we’ve arranged for inventory financing through GE Capital, we can continue to focus on growing retail sales and building long-term relationships with our national dealer network.”
A strong inventory financing arrangement (also known as floorplan financing) would also make it easier for Ural’s U.S. distributor, Irbit Motorworks of America, to sign up new dealers.
“Our deep expertise in this sector enables us to support a wide variety of motorsports products,” said Sameer Gaur, president of CDF’s motorsports group. “We’re looking forward to helping Ural expand its presence in the U.S. marketplace with financing programs that are right for its dealers.”
[Source: GE Capital]