With the March 1 acquisition of GE Capital’s Commercial Distribution Finance platform by Wells Fargo, many RV dealers have begun to wonder what, if any, changes will come their way. We spoke with Tim Nixon to find out. Tim was recently named the new managing director of Wells Fargo Commercial Distribution Finance (CDF) in Canada.
Wells Fargo Commercial Distribution Finance, a lender to Canadian companies for nearly 50 years, offers inventory and receivable financing solutions across nearly 20 different industries, including the RV industry. The RV business unit supports OEMs and dealers from large chains to small family-run businesses in every province.
RV Dealer News: So what does this mean for dealers? Will they be dealing with the same people they’ve gotten to know over the years?
Tim Nixon: We are very excited and are confident that our dealers are going to benefit from this transaction. Wells Fargo is an established financial services company that is committed to investing and growing across our core industries – like the RV industry – globally, and will offer a good environment for growth. We will continue to provide inventory financing solutions, service and business intelligence through our in-depth industry expertise. Our success will be based upon our ability to deliver financing solutions to help our customers grow, and we do not anticipate any changes to our team.
RV Dealer News: Will there be any changes in operational systems and processes that dealers have grown accustomed to?
Tim Nixon: No, we do not anticipate any changes to our external systems or processes either. We are continuing to build out our new website, www.wellsfargo.com/cdf, which already houses our Learning Center and links to our customer portal. We’ll continue to provide customers with access to our proprietary Customer Online Management System, COMS, which is the powerful operating system that provides real-time inventory and business management information. In addition, our sales representatives will continue to provide customized CDF and industry analytics to our dealer customers when requested.
RV Dealer News: Who should dealers talk to if they have questions or concerns?
Tim Nixon: Our customers will continue to work with the same teams as they did before. Every dealer in our portfolio is assigned an account manager, and most dealers take advantage of those relationships. Our goal is to help our customers make better decisions for their business every day by using more timely business intelligence which can make a difference. Dealers who are interested in learning more about our services may contact our team at 1-888-609-5550.
RV Dealer News: Are there other services that CDF will be able to offer now as part of Wells Fargo?
Tim Nixon: As the new CDF, we look forward to enhancing our existing capabilities by offering customers faster service and expanded resources, backed by Wells Fargo’s strength and stability. We will continue to work closely with our customers as we look to develop our new offerings based on our customers’ needs. Many of our customers are interested to learn more about the suite of services Wells Fargo has to offer. We are evaluating all possibilities but want to make sure that any new service we provide is the same quality customers have come to expect from our current services. We will be sure to share more details with the industry.
RV Dealer News: What are some of the benefits Wells Fargo will bring to the table?
Tim Nixon: Wells Fargo brings a deep under-standing and knowledge of the financial services market, which will allow us to serve our customers in both good and challenging times. We remain committed to providing our customers with the same customer focused approach to help keep the RV industry strong and accelerate product growth across the globe. At CDF, we are still learning about all of Wells Fargo’s product capabilities, and we look forward to bringing the best to our customers. It’s very important that we offer these products in a very thoughtful, helpful manner.
RV Dealer News: Under GE, CDF was very involved in educating and supporting the RV industry. Any reason to expect that to change with Wells Fargo?
Tim Nixon: We are confident that our customers will benefit from Wells Fargo and our combined expertise, commitment to customer service excellence, broad product capabilities, services, strength, and stability. We will continue to share our industry insight and business intelligence to help our customers better manage the health of the distribution network. We will continue to be engaged in our manufacturers’ dealer meetings and RV trade shows and events. We’re excited about the opportunity to offer even more tools to help the industry and our customers continue to prosper.
RV Dealer News: Moving away from the transaction, what are you seeing and hearing from dealers about the health of the RV industry so far this year?
Tim Nixon: We are seeing most dealers being very thoughtful about their stocking levels. Some consumers may find dealerships less stocked than in the past, but this prudent approach by the dealers is understandable given the foreign exchange rate movements and the economic challenges in parts of the country. Our customers are always working to maintain appropriate stocking levels to maximize sales and we are here to help them make these important business decisions in an informed manner.
