Tuesday, March 04, 2008



RV Business
Monday, March 3, 2008

Fleetwood Enterprises Inc. announced today (March 3) that it is launching Fleetwood Financial Services (FFS), a new RV finance unit that will provide exclusive benefits to its recreational vehicle dealers, as well as competitive retail financing to the dealers' customers.

According to the Riverside, Calif.-based builder, the core offerings of FFS were co-developed with Bank of America Dealer Financial Services and are designed to “strengthen Fleetwood's partnership with its dealers and drive retail sales by enhancing customer financing options.”

Fleetwood said the new venture will provide “attractive” wholesale and retail finance alternatives, reduce dealers' flooring costs, and further enhance the competitive advantage of Fleetwood's RV products as they are marketed through its U.S. network of independent RV dealers.

"This initiative is more comprehensive than any financing program currently available in the recreational vehicle industry and we believe it has exceptional potential to benefit our business partners," said Paul C. Eskritt, president of Fleetwood's RV Group. "One of its unique characteristics is the scalability of the various wholesale and retail financing programs, which will allow dealers of all sizes to have an opportunity to participate, making them and their retail customers the greatest beneficiaries of this exclusive arrangement."

Bank of America, which has a strong presence in the RV retail lending sector, has a longstanding relationship with Fleetwood as it provides a major share of floorplan financing for the company’s products.

"Bank of America is an ideal choice for this venture because of its size, scale and prominence in the recreational vehicle financing arena," said Elden L. Smith, president and CEO of Fleetwood. "As a result, FFS will offer very attractive exclusive financing options to our dealers. We expect that the alliance will enable both Fleetwood's RV Group and Bank of America Dealer Financial Services to increase revenues, market share, and dealer distribution.”

He added, “Various programs and incentives will be employed to support our products; increase the value and importance of our relationships with our dealers, which should result in increased shelf space; and drive retail sales of our products. FFS is positioned to make Fleetwood's dealers more profitable as well as significantly increase the cost effectiveness of our marketing efforts."

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