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REV Group Wells Fargo CDF for Inventory Financing Program

October 20, 2016, 07:22 AM
Filed Under: Inventory Finance

REV Group, a $2 billion specialty vehicle (SV) manufacturer, has chosen Wells Fargo Commercial Distribution Finance (CDF) to launch a new program for dealer and distributor financing across the U.S. and Canada. REV Financial Services™ will provide SV and manufactured equipment dealers with a range of financing programs, and access to a suite of online business tools that can help meet today's complex business requirements and simplify inventory management.

The benefits of REV Financial Services extend beyond flexible financing programs. Dealers can tap into resources tailored for streamlining day-to-day operations and help businesses grow with:

  • Common operating platform for all North American REV dealers
  • Pre-owned financing capabilities
  • Opportunities for improved liquidity and enhanced cash flow
  • Field service representatives deployed to complete onsite inventory inspections
  • Dedicated sales and servicing professionals with extensive industry experience

Dealers using REV Financial Services will also have access to Wells Fargo CDF's industry leading digital tool Customer Online Management System (COMS). COMS is an easy-to-use system that accepts payments and offers inventory management tools. Those participating in the program can also use Dealer Insights, an online portal within COMS that delivers analytic and tactical reporting customized to a user's unique business such as inventory statistics, local demographics, and financing options.

"We are excited to announce the launch of our program with Wells Fargo CDF," said Tim Sullivan, president and CEO of REV Group. "By joining forces with them our extensive network of dealers can use top-of-the-line inventory financing solutions and analytics."

Headquartered in Milwaukee, REV Group is an industry-leading company with more than 20,000 vehicle sales per year. The company manufactures brands of buses, mobility vehicles, ambulances, fire apparatuses, recreation vehicles, terminal trucks and sweepers, and provides dealers with reduced borrowing cost options and larger credit facilities.

"REV Group manufactures 26 unique brands within the specialty vehicle industries, and their dealers require an enormous amount of information to run their operations," said Tim Hyland, president of the RV and SV Group, Wells Fargo CDF.  "This is a fantastic opportunity to strengthen our relationship with REV and give their dealers the tools, insights and analytics to help them maintain and grow their operations."

REV Group, Inc., is a more than $2 billion manufacturer of industry-leading motor vehicle brands. Products include ambulances, fire trucks, shuttle buses, transit buses, yard trucks, street sweepers, luxury motorhomes and wheelchair accessible vehicles. REV owns 26 brands, employs approximately 6,000 people in 16 different manufacturing facilities in the U.S., and produces more than 20,000 specialty vehicles annually.

Commercial Distribution Finance (CDF) provided $47 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2015. CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. The sale will be completed as a phased approach with the remainder of the business closing globally in 2016.

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