Renewal continues successful 50 year relationship
CHICAGO – June 5, 2017 – Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company (NYSE: WFC), announced today it has entered into a strategic agreement with Chaparral and Robalo Boats, effective the 2018 model year. Under the program, CDF will deliver inventory financing solutions to the manufacturer’s network of marine dealers in North America.
The program will provide qualified dealers with exclusive vendor supported financing terms in addition to an array of customized products and services developed by CDF for the Marine Industry. Dealers will have access to industry leading analytical tools and digital services as well as a suite of banking products and services which are available through Wells Fargo.
“We at Chaparral and Robalo are pleased to enter into a strategic relationship with Wells Fargo,” said Buck Pegg, executive vice president and founder of Chaparral Boats. “We have shared a long, time trusted partnership with their team of financial professionals spanning several decades. Through our consolidated relationship, we will bring their specialized services and products to our world class dealer network.”
“We are thrilled to extend our more than 50 year relationship with these iconic boat brands,” said Bruce Van Wagoner, president of CDF’s Marine Group. “We’re honored that Chaparral and Robalo continue to trust CDF and recognize the value we provide the Marine industry, beyond floorplan transactions, to help them and their dealers grow their businesses.”
About Wells Fargo Commercial Distribution Finance
As a leader in inventory financing to the Marine industry, CDF continues to serve the need of its customers and provide innovative products and services. With new and pre-owned financing programs and market leading analytical tools, dealers can easily manage accounts online. CDF also actively supports industry initiatives and is a thought leader in ways to shape the future of boating.
Wells Fargo Commercial Distribution Finance (CDF) provided $46 billion in financing for more than 33,000 dealers and more than 1,400 distributors and manufacturers globally in 2016. Wells Fargo CDF provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. On March 1, 2016, Wells Fargo acquired the North American business of CDF from GE Capital. The sale of the global business was completed as part of a phased approach on October 1, 2016. For more information, visit wellsfargo.com/cdf or follow company news via Twitter @WellsFargoCDF.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $2.0 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 273,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About Chaparral Boats, Inc. & Robalo Boats LLC
Chaparral Boats, Inc. and Robalo Boats LLC are leading manufacturers of fiberglass boats under two brand names: sterndrive, jet and outboard pleasure boats by Chaparral, including H2O Sport and Fish & Ski Boats, SSi and SSX Sportboats, Sunesta Sportdecks, Signature Cruisers and Vortex Jet Boats, SunCoast Outboard Sportdecks, and outboard sport fishing boats by Robalo.
Chaparral Boats and Robalo Boats are subsidiaries of Marine Products Corporation (NYSE: MPX). For more information about Marine Products Corporation, Chaparral, and Robalo visit our websites at www.marineproductscorp.com, www.chaparralboats.com, and www.robalo.com.