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Lines of Credit offer room for expansion

Lines of Credit offer room for expansion

Published Jun. 2016

GM Financial's Commercial Vehicle Lending (CVL) team is aiming to establish more long-term relationships with its dealer partners and increase new lines of credit in the face of aggressive competition, according to Kevin Peters, GM Financial's Senior Vice President of Commercial Vehicle Lending.

Lines of Credit offer room for expansion

The captive lender's CVL team currently has 137 active lines of credit for approximately $131 million, and "this is an area of strategic importance where we look to further our growth," Peters added.

"CVL launched in September 2014 and is still actively expanding its commercial product offerings and building its dealer network," Peters told Auto Finance News in an exclusive interview at GM Financial's Irving-based facility.

"Our competitors have been engaged in commercial vehicle lending for decades and have long-standing dealer relationships. We need to continue to build those relationships ourselves and earn their business in order to compete," he added.

"By increasing our active lines of credit, CVL's value to our dealer customers is to turn single-unit vehicle sales into larger fleet deals," Peters said. "As a result, dealer confidence in GM Financial's CVL program will continue to grow over time."

"The dealers that have yet to take a look at what CVL has to offer are typically those that have long-standing relationships with other established lenders, but we're already observing a shift toward GM Financial's commercial product offerings," he said. CVL has an "experienced and knowledgeable" dealer relationship team in the field who "spend considerable time with our dealer customers, advising them of our current and upcoming products. We will soon be introducing The Right TRAC® and Fleet Management Services, which will complement our existing programs."

To find out more about Commercial Lines of Credit, visit dealers.gmfinancial.com/product-offerings/line-of-credit.aspx.

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