Independent dealerships now have another option to secure a floorplan.
First Business Financial Services, a Wisconsin-based bank holding company, recently launched its newest product — aptly named Floorplan Financing — and brought in a trio of veteran automotive executives to run it.
The company highlighted Floorplan Financing allows dealers the flexibility to finance their acquisition of used vehicles, preserving cash flow and allowing dealers to buy preferred inventory. Floorplan Financing is the latest expansion of First Business’s specialty finance solutions, offering floorplan programs from $500,000 to $10 million for larger, well-established independent dealers.
“This limited focus, a hallmark of First Business’s business model, facilitates a smaller clientele than large competitors, empowering personalized concierge service,” the company said in a news release announcing the new product.
Industry veterans Jeff Widholm, John Goodyear and Amanda Schreeg have joined First Business to operate Floorplan Financing. Widholm will be the managing director, with Goodyear serving as vice president and Schreeg holding the role of servicing manager.
First Business noted that Widholm has 13 years of experience in dealer floorplanning, primarily serving independent dealers across the United States and Canada, with responsibilities in credit, collections, sales and operations. The bank added he brings a wealth of experience as an executive on the corporate side as a chief operating officer of a floorplan finance company and a chief financial officer of a multi-store franchised dealership.
The bank mentioned Goodyear has 22 years of automotive industry experience, including 14 years in the independent floorplanning finance market, primarily servicing the lending needs of large independent dealers across the United States.
First Business recapped that Schreeg began her career in the accounting world with a small logistics brokerage and then transitioned to the floorplan industry. Over the past six and half year years, she has gained an array of floorplan knowledge through numerous roles. She was nominated as Power Driver of the company and obtained her NIADA Certified Master Dealer certification.
“We’re thrilled with the experts we’ve brought on to build and deliver our Floorplan Financing solutions,” First Business Financial Services chief operating officer Dave Seiler said. “They have so much experience and share the First Business vision of focus and client service.”
Widholm added, “Joining First Business has been an exceptional experience. First Business is a perfect alignment for how we differentiate ourselves from our competition — through concierge service, expertise, and competitive pricing.”
Floorplan Financing is offered through First Business Equipment Finance, a subsidiary of First Business Bank. The offices are located at 9465 Counselors Row, Suite 200, in Indianapolis and can be reached at (844) 418-2493.