GE Commercial Finance, the business-to-business financial services unit of General Electric, announced it has agreed to fund a $280 million inventory floor plan financing facility for Rush Enterprises.
The facility covers a number of truck lines — including Peterbilt, GMC, Nissan, Isuzu and Hino — sold by Rush through its network of dealerships across the United States. For GE Commercial Finance, Transportation Finance, the deal — which closed Sept. 21 — extends its lending relationship with Rush Enterprises to more that $300 million and expands GE’s trucking market reach, diversifies its customer base and creates further opportunities to expand into the inventory floor plan financing space.
“We are pleased to further expand our relationship with Rush Enterprises as customers of our growing floor plan finance offering,” says Dan Clark, president and CEO of GE Commercial Finance, Transportation Finance, which provides financing solutions to the transportation industry. “Since joining GE earlier this year, the goal of our business has been to provide more business solutions to more customers across the transportation spectrum. This deal with Rush is indicative of that effort, and we will continue to seek opportunities to establish additional long-term dealer partnerships moving forward.”
Rush Enterprises operates the largest network of Peterbilt heavy-duty truck dealerships in North America and a John Deere construction equipment dealership in Houston. Its operations include a network of 45 Rush Truck Centers located in Texas, California, Oklahoma, Colorado, Arizona, New Mexico, Alabama, Florida and Tennessee. The company has developed its Rush Truck Centers and its Rush Equipment Center as “one-stop centers” where, at one location, its customers can purchase new or used trucks or construction equipment, purchase insurance products, purchase aftermarket parts and accessories and have service performed by certified technicians.
“Stability and industry knowledge is important to us,” says Rusty Rush, president of Rush Enterprises Inc. “Our relationship with the team at GE spans many years. We selected them as our partner due to their financial strength and depth of industry experience.”