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Cadence Business Finance Commits $22.5MM to Dunn Tire

February 24, 2021, 07:45 AM
Filed Under: Automotive

Cadence Business Finance provided a $22.5 million asset-based lending facility to a large regional tire distributor serving the Northeast United States. This additional liquidity provides Dunn Tire with the flexibility needed to execute on their strategic plan.

“With support from Cadence, we can continue to pursue our performance initiatives,” said David Simons, President of Dunn Tire. “They designed a financing solution that fits our needs today, with flexibility for tomorrow. Cadence Bank’s technology and support are superior to banks that are many times their size.”

Dunn Tire is a wholesaler and dealer of passenger and light truck vehicle tires. The company’s wholesale division, which operates under the name Exxpress Tire Delivery, sells to a network of more than 2,000 regional businesses. Dunn Tire also has 26 retail locations in New York and Pennsylvania.

“Our team dove into the client’s story, customers and geographic footprint to really understand their business,” said Norb Schmidt, executive vice president and director of capital finance. “This alliance is an example of how we engage all our capabilities in order to deliver for our clients.”

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