Dealnet Enters into Vendor Finance Agreements for Products Including HVAC
Dealers will offer Dealnet’s point of sale financing solutions to Canadian homeowners
TORONTO — Dealnet Capital Corp. announced that it has entered into multiple vendor finance agreements with distributors and manufacturers of home improvement products in Canada, including an HVAC equipment supplier.
The company said it has worked closely with a number of OEMs and has entered into three strategic relationships that are expected to expand the company’s dealer base and further drive origination volumes. These relationships are expected to result in the company being the preferred financing solution for each OEM’s dealer network where the dealers will offer Dealnet’s point of sale financing solutions to Canadian homeowners. The new relationships are with:
• An international distributor of HVAC and fireplace equipment. The Canadian subsidiary provides products from over 200 manufacturers to more than 100 dealers concentrated in major cities in Ontario and Quebec.
• A leading manufacturer of residential water treatment equipment. This manufacturer has relationships with over 125 home improvement dealers across Canada.
• A high-end window manufacturer with over 75 dealers located in Ontario.
Dealnet has commenced the dealer onboarding and training process with the dealer networks of its new partners and anticipates new financing transactions to scale next year as the programs are fully deployed to the more than 300 dealers it will welcome into its dealer network. Dealnet currently has over 400 active dealers generating originations across Canada and with these new relationships, the company expects to more than double its active dealer count by the end of 2017 to deliver a growing base of origination sources for financing solutions.
“We continue to listen to our OEM partners and their dealer networks to tailor our services and financing solutions to suit their product sales strategies. These new partnerships signal continued and accelerated support of our strategy and cultivation of the OEM marketplace,” said Michael Hilmer, chief executive officer of the company.
For additional information, visit www.dealnetcapital.com.
Publication date: 11/14/2016