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Commercial Lending Services Closes 600th Floorplan

Commercial Lending Services Closes 600th Floorplan

Published September 2015

600th Floorplan

In October, Commercial Lending Services (CLS) hit a record milestone when the team closed its 600th North American floorplan at Herb Connolly Chevrolet in Framingham, Massachusetts.

Brian Fallon, Senior Vice President of CLS, is excited about this milestone for CLS, but he knows there's still more work to do. "We are just three years into our CLS launch, and we've already hit our 600th floorplan dealer milestone, which is an impressive achievement; however, we're not slowing down. There are approximately 4,200 GM dealers in the U.S. and another 450 in Canada, so we're going to continue the campaign to grow our share in these markets."

When GM purchased GM Financial in 2010, GM Financial got to work building a CLS program for GM dealers. CLS officially launched in April 2012, offering floorplan financing, floorplan insurance, and a full loan suite, including real estate and construction loans for GM dealers. Increasingly, more GM dealers have discovered the benefits of doing their wholesale business with their full-spectrum captive lender. On average, GM Financial's CLS team, including a Canada-based CLS team, secures 15 floorplan deals per month. In fact, since 2012, more GM dealers have switched their floorplan business to GM Financial than to any other lender.

"Each of GM Financial's 600 floorplan dealers - and growing - relies on GM Financial for the financing they need to successfully run their dealerships," Fallon said. "When it comes to the future of CLS, the more tools GM Financial has in our toolbox, the better. We are looking for the relationships with our dealers to be longstanding and the key to that is our relationship with GM and the GM dealer network. As GM Financial continues to add products and services, our value proposition is that much easier to sell. GM's and GM Financial's business objectives are becoming so in tune that GM dealers can't ignore the benefits afforded to them by floorplanning with GM Financial."