GE Commercial Finance, the business-to-business financial services unit of General Electric, has announced it will fund a new $280-million inventory floor plan for Rush Enterprises, Inc. The deal closed on September 21, 2005.
The Rush deal involves a number of truck lines, including Peterbilt, GMC, Nissan, Isuzu and Hino, sold by Rush through its network of dealerships across the United States.
For GE Commercial Finance’s Transportation Finance operation, the deal extends its lending relationship with Rush Enterprises to over $300 million.
"We are pleased to further expand our relationship with Rush Enterprises as customers of our growing floor plan finance offering," commented Dan Clark, president & CEO of GE Commercial Finance, Transportation Finance. "Since joining GE earlier this year, the goal of our business has been to provide more business solutions to more customers across the transportation spectrum. This deal with Rush is indicative of that effort, and we will continue to seek opportunities to establish additional long-term dealer partnerships moving forward."
"Stability and industry knowledge is important to us," said Rusty Rush, president of Rush Enterprises, Inc. "Our relationship with the team at GE spans many years. We selected them as our partner due to their financial strength and depth of industry experience."
