To ensure that Toro golf and grounds customers continue to have access to financing at market competitive rates, The Toro Company has reached an agreement with three additional financial service firms to support equipment and irrigation system sales through the company’s distribution channel.
“There were many financing companies that were interested in working with Toro,” says Mike Nesdahl, Senior Marketing Manager for Toro Financing. “The new partners selected have relevant market experience and have demonstrated a sincere interest in delivering incremental value in financing solutions for turf market customers.”
The three new partners that now fall under the Toro Financing umbrella include:
VGM Financial Services, a division of TCF Equipment Finance, Inc.
U.S. Bancorp Business Finance Group, Inc.
National City Commercial Capital Company, LLC, part of PNC Financial Services Group, Inc.
All three of Toro’s new partners have unique strengths and were listed in the Monitor Bank top 20 bank-affiliated leasing companies for 2007, in both the “New Volume” and “Net Asset” categories. GE Capital, previously the sole vendor for Toro Financing, also remains a strong and viable strategic partner for meeting the needs of Toro’s customers in the future.
“It is critical in the current economic environment that our customers have access to financing,” says Michael Happe, Vice President of Toro’s Commercial Business. “This move is a proactive measure to ensure that both access to capital and competitive rates are readily available to help our customers manage their operations successfully.”
With the assistance of local Toro distributors, the additional financing partners will provide customers with not only competitive rates but multiple sources through which they can acquire funding and develop a customized financing structure that is best suited to their specific needs.
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