TCFIF: RV Market Seen as Key Niche
“We’re in the inventory finance industry and this (RV industry) is just another piece of it,” said Jason Korstange, the director of corporate communications. “TCF Inventory Financing has moved into lawn and garden, powersports, electronics—and the RV industry just seemed like the next step.”
TCFIF’s agreement with Jayco marks the financer’s entry into the RV industry in the U.S. and Canada.
“We found a great company in Jayco. We like the company and some of our guys have experience with Jayco, and Jayco likes us,” Korstange said. “It’s a two-way street with these things and Jayco has a great dealer network. They are great people and we are comfortable with them and they are comfortable with us.”
During the Great Recession, many banks withdrew their financing floorplans from the RV industry, but Korstange said TCFIF is eager to get into what it sees as a new niche for the financer.
“We found another niche in the inventory finance world that we like,” Korstange said. “The conditions aren’t the same as they were in 2007-08 when other financers left, but it’s different now and I am happy to be a part of that.”
In making the announcement regarding Jayco’s agreement with TCFIF, Jayco’s President and COO Derald Bontrager expressed a similar sentiment.
“Over the past few years, it has become increasingly apparent that reliable, effective wholesale financing is critical to the success to both Jayco and its dealers,” Bontrager said. “We’re pleased to partner with an organization like TCFIF that will provide aggressive, practical financial services solutions to our dealers.”
Korstange said TCFIF is so enthusiastic about its entrance into the RV market—touting it’s more of a team effort among Jayco, its dealers and TCFIF.
“The launch of this aggressive new program with Jayco clearly supports our entrance into the RV business,” Ross Perrelli, president and CEO of TCFIF, said in a press release regarding the agreement. “We are truly excited about partnering with Jayco and believe the relationship is an excellent fit for Jayco, its dealers and TCFIF.”
As far as working with other RV manufacturers, Korstange said TCFIF has no current plans, but continues looking to grow.
“We’re constantly looking at dealer programs, but with Jayco we’ve found what seems to fit,” he said. “I think it’s a great team with a national presence and it fits with what we want to do as a bank. With the team we have, we feel comfortable getting bigger and doing more business.”