News 27 May 2009

GENERAL: Suzuki chooses GE Capital as floor plan financer

Suzuki Australia PR:

Suzuki Australia and GE Capital announced that from 1 July 2009, GE Capital will be the exclusive floor plan financier to the Suzuki Australia Motorcycle Dealer national network.

Among other benefits, this strategic partnership will offer dealers interest-free wholesale finance programs to assist Suzuki motorcycle dealers manage cash flow and stock levels. Customers will gain the benefits of Suzuki motorcycle dealers providing a broader range of new and used product on their showroom floor.

Perry Morison, General Manager, Motorcycles of Suzuki Australia Pty Ltd, explained, “This is a big win for Suzuki motorcycle customers and dealers. We’ve doubled annual sales in the last decade to 18,000 units last year, but GE Capital’s deep industry knowledge and expertise will assist us to further build our business for even stronger long-term sustainable growth in Australia, and enable our dealers to meet their customers’ needs with improved choice.

“In addition, our dealers will benefit from the back-office expertise, training, communication and other support GE Capital is putting in place, and is further evidence of GE’s long-standing and ongoing commitment to the motorcycle industry in Australia”, Mr Morison explained.

George Paolucci, Managing Director of Distribution Finance at GE Capital, agrees. “This partnership underpins the confidence that GE Capital holds in the local motorcycle industry. Distribution Finance has 37 years of proven experience in floor plan support in the Australian industry, so we understand the unique market dynamics that exist in this sector.”

“GE Capital provides tailored wholesale financing options to dealers, ensuring that their floor plan finance is structured to reflect the needs and requirements of the dealership,” Mr Paolucci added.

”Our partnership with Suzuki Australia will assist dealers to free up their cash flow and enable them to carry the appropriate level of new and used product which will allow them to provide their enthusiast customers a broader range of options on the showroom floor.”

Mr Paolucci believes a partnership like this showcases GE Capital’s faith in the underlying strength of niche Australian distribution markets, “We introduced floor plan finance for the non-automotive sector in 1972 and motorcycles have been very important for us. Our motorcycle division remains a cornerstone of our distribution finance business that continues to support other segments such as caravans, motor homes, boats, light commercial vehicles and heavy machinery. These all play a vital role in the Australian retail industry,” he said.

With GE Capital’s new partnership in wholesale financing, Suzuki Australia is finalising discussions with a new retail finance provider for its Suzuki Finance program.