KANSAS CITY, Mo. & WAYZATA, Minn. — Western Equipment Dealers Assn. (WEDA), TCF Equipment Finance (TCFEF), a division of TCF National Bank which is a subsidiary of TCF Financial Corp. (TCF) and TCF Inventory Finance, a subsidiary of TCF National Bank and an indirect subsidiary of TCF, today announce a new dealer program designed to provide WEDA equipment dealers new and competitive retail and inventory financing offerings. Under this new program, equipment dealers gain a strategic financing source that will offer competitive pricing, flexible payment structures, and an easy and efficient funding process with dedicated account management.
“We have seen finance companies put together programs that serve the interests of other stakeholders instead of being totally committed to serving dealers,” says John Schmeiser, chief executive officer at WEDA. “Working with TCF gives us the opportunity to design a program with the dealers’ interests first and foremost.”
In addition to oversight provided by the WEDA board of directors, a working group of three dealers was established. These dealers shared their insight into what they wanted from an equipment financing source and helped fine tune the product offering.
“The committee provided valuable feedback and guidance in development of the inventory and retail finance programs,” added Schmeiser. “Our vision was to have a program that was created by dealers for dealers, and we have accomplished that through the committee’s work.”
“Most dealers need an inventory finance option and we take pride in being the source that dealers count on to manage their cash flow,” added Tony Perelli, senior vice president and director of sales and marketing at TCIF. “With the retail program firmly established, TCFEF and TCFIF will provide options to dealers to bundle the inventory and retail finance programs together or use them separately.”
“The Western Equipment Dealers Assn.’s decision to work with TCF is further proof of its dedication to offering high quality, value added services to its member dealers,” said Jeff Wertz, senior vice president, chief sales and marketing officer at TCFEF. “We look forward to developing strong, long lasting relationships with equipment dealers through this program.” The program is scheduled to launch July 1. More information will be available to WEDA members in the near future.
About TCF Equipment Finance
TCF Equipment Finance is a division of TCF National Bank, which is a subsidiary of TCF Financial Corp. (NYSE:TCF). TCF Equipment Finance is headquartered in Minnetonka, Minn., with remote offices located throughout the U.S. For more information about TCFEF, please visit tcfef.com.
About TCF Inventory Finance
TCFIF is a Schaumburg, Ill.-based commercial inventory finance company offering a full range of inventory financing solutions to manufacturers, distributors and their dealers in all 50 states and Canada. Specializing in powersports, lawn and garden, recreational and specialty vehicles, marine products, construction, agriculture and consumer electronics and appliances, TCFIF originated nearly $6 billion in working capital to more than 10,500 customers in 2016 For more information about TCFIF, please visit tcfif.com.
TCF Financial Corp. is a Wayzata, Minn.-based national bank holding company. As of Dec. 31, 2016, TCF had $21 billion in total assets and 339 branches in Arizona, Colorado, Illinois, Michigan, Minnesota, South Dakota and Wisconsin providing retail and commercial banking services. TCF, through its subsidiaries, also conducts commercial leasing, equipment finance, and auto finance business in all 50 states and commercial inventory finance business in all 50 states and Canada. For more information about TCF, please visit tcfbank.com.
About Western Equipment Dealers Assn.
WEDA represents approximately 2,200 farm, industrial and outdoor power equipment dealers in Canada — in all Canadian provinces except Quebec, as well as in the U.S. — Alaska, Idaho, Kansas, Missouri, New Mexico, Oklahoma, Oregon, Texas and Washington. WEDA also represents 2,400 U.S. hardware retailers in the same U.S. states plus Arkansas, Louisiana and Nebraska. As the largest equipment dealer association in North America and the largest regional trade association of its kind in North America, WEDA offers members a comprehensive array of dealer-oriented legislative, educational and communications services, ranging from lobbying to legal, accounting and marketing support. WEDA also provides products and services that include industry and manufacturer relations, as well as industry information and intelligence. The association’s many programs are either available only to members or provided at a reduced cost for members. Visit westerneda.com for more information.