MINNEAPOLIS, Minn. – Genmar Holdings, Inc. has reached an agreement with Laurentian Bank, a Canadian provider of retail boat loans, to form a retail marine finance program known as Genmar Retail Financial Services-Canada, the boat builder reported in a statement today. The program will be exclusively endorsed by Genmar and available exclusively to Genmar's Canadian dealer base.
Genmar said it hopes the creation of the finance program will help it increase sales and grow market share in the Canadian marine marketplace.
Under the agreement, Genmar Retail Financial Services-Canada will be administered through GHR Systems Canada, Inc. and Laurentian Bank will become the exclusive authorized provider of factory-endorsed retail marine finance programs for Genmar boats through Genmar's Canadian dealer base, according to the boat builder.
"Our alliance and the formation of this financing program will enable Genmar to provide its Canadian dealers with innovative lending programs that should result in even greater value to their customers," said Genmar Chairman Irwin Jacobs. "This is a fantastic opportunity for everyone involved and strengthens Genmar's commitment to its Canadian dealer network as we continue to provide them with the necessary tools to compete and succeed in the marine industry. This is an additional value-added benefit to Genmar dealers and customers."
Luc Gingras, vice president Indirect Network, Retail Financial Services at Laurentian Bank, said the agreement "better enables us to diversify our presence in the various sectors of the recreational vehicle market."
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