Canada's Commercial Lending program ramps up quickly
Published July 2013
Last winter, GM Financial began preparing for the launch of its Canadian Commercial Lending program with the hiring of Vincent Woffenden, vice president of Commercial Lending Services, to run this portion of the business north of the border. With a few months under Woffenden's belt, it's safe to say that GM Financial's Commercial Lending program is steadily underway. The program officially launched on March 1 of this year and we've captured the interest of several GM dealerships thus far.
Dryden GM, a Buick, GMC, Chevrolet, Cadillac and Ford group, was the first dealership to join the program. When asked why his dealership transferred their commercial lending business to GM Financial, owner and dealer principal, Nick Beyak said, "I've always been a fan of using the captive, because the captive strengthens the motor company and keeps the best interest of the dealership at heart. I've had experience with banks and they simply did not make selling cars their first priority."
Brian Fallon, GM Financial's senior vice president of Commercial Lending Services, first met Beyak at General Motor's Marketing Advisory Board meeting last winter. "Nick's well respected in the GM community and he always brings great ideas to the table," noted Fallon. "We began assessing his commercial lending needs at that meeting and agreed that we had the program his dealership needed."
By the time the program officially launched on March 1, Dryden GM had already been through the application and approval process. Beyak noted, "Getting on board with GM Financial was a very good experience for us. The Commercial Lending team made this transition seamless, and the approval process was very professional."
Dryden GM is utilizing our floorplan financing and our cash management program. The business is also taking full advantage of The Right Lease™ and is now showing more interest in subprime products with GM Financial's auto finance solutions. Woffenden said of his relationship with Beyak, "We value his opinion, and working with Dryden GM will only help us improve our product offerings for other GM dealers."