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Mitsubishi HC Capital America Expands Inventory Financing for Specialty Vehicle Manufacturers, Dealers, Upfitters

January 24, 2023, 07:10 AM
Filed Under: Inventory Finance

Mitsubishi HC Capital America is expanding its commercial specialty vehicle financing solutions, specifically aimed at fire and emergency vehicles, wreckers, and shuttle/transit buses. The company’s sizable lending resources and the deep expertise of its inventory finance team – led by industry veteran Gary Furnas – allows manufacturers, dealers and upfitters in the specialty vehicle market access to a trusted and flexible floorplan lender.

Furnas, Vice President and General Manager, Inventory Finance, stated, “We see a tremendous need in this market. Our consultative approach is a superb value-add as we work to create a collaborative, customized financing solution that helps generate business growth opportunities. By offering individualized inventory financing programs, we enable our customers to meet their goals and build strategies to accomplish more.”

Inventory finance goes by many names in the industry, including floor planning and wholesale finance. As a form of asset-based lending, the amount borrowed is determined by the value of the inventory. Wholesale finance lenders can advance rates at 100 percent of a dealer’s invoice amount for new inventory as a line of credit. Benefits include improved cash flow, reduced capital requirements, and expanded inventory stocking levels for dealers. Additionally, inventory finance reduces open account risk and administration for OEMs, upfitters, and chassis suppliers, enabling them to turn their receivables into cash.

“As a non-bank wholesale finance lender, Mitsubishi HC Capital America can provide quick credit decisions and expedited funding. We’re here with the expertise, the willingness to do deals, and flexible terms,” Furnas added.

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