The re-emergence of regional banks looking to expand services to existing manufactures and retailers is continuing to spur growth in the US floorplan finance market.
This is providing opportunities for many traditional retail lenders looking to diversify their businesses and expand into wholesale, we can expect that growth to continue throughout 2017.
Lenders are fast realizing that the necessity for the right system partner to help them get to market quickly and painlessly is imperative. The key is finding a scalable solution that can provide an economical yet reliable, future-proof system to fit both the current size and growth of their businesses.
Kurt Ruhlin, chief operating officer at White Clarke Group (pictured above) said: “We have seen a recent surge of expansion in the market and a need to increase operational efficiency. As a result, many new or expanding wholesale lenders have selected the CALMS Compass wholesale/floorplan platform to fulfil their needs.
“We have had four new client implementations over the past 12 months, with more to follow. The need for a quick to market system has been required by all and the out-of-the-box functionality has allowed for many new implementations to go from decision to live in less than 90 days.”
New compliance and regulatory requirements are also playing a pivotal role in the emergence of start-ups, small companies and manufacturer captive lenders which find it easier to raise capital due to their flexibility.