After more than a decade of robust growth and the development of an impressive customer base throughout North America, Northpoint Commercial Finance announced a partnership with MitchCap to create a strategic Australasian partnership to better connect North American OEMs with their Australasian Distribution Channels. MitchCap is one of Australia's fastest growing inventory finance providers and the BIAV's preferred Floorplan partner.
Both organizations have a proven track record of being a leading provider of inventory finance and recognize the importance of international partnerships such as this one that will provide another avenue for continued growth and success to their respective customers.
With a pool of over 700 OEMs and distributors of Northpoint, OEMs that currently distribute product to Australia or New Zealand will be pre-approved under this new partnership to extend inventory financing programs to their Australasian Distribution Partners via MitchCap.
"The Australasian market is strategic for our partners, like in the U.S., they are experiencing unprecedented demand. The relationship with MitchCap will enable our OEM partners to take advantage of the opportunity by offering leading inventory financing terms to their Australian and New Zealand Customer. We recognize that we're in a global economy and our customers continued growth and success will be enhanced through international partnerships like this," Dan Radley CEO of Northpoint Commercial Finance said.
North American OEMs will benefit from greater credit capacity and terms to their Australian and New Zealand customers. The program afforded from this partnership will also provide OEMs with visibility to their customers credit capacity and the ability to lock-in future payments from orders and full payment collection pre-shipment – a first for the industry relating to export/floorplan CDF.
The genesis of this partnership originated from Northpoint's commitment to the marine industry and to provide their customers with the ability to expand during these unprecedented times. Russell Baqir SVP of Business Development for the Marine industry at Northpoint said, "The partnership with MitchCap is a perfect fit for Northpoint, and we couldn't be more excited to provide this great growth opportunity to our North American OEMs."
"Many North American brands are iconic, leaders in innovation and in high demand particularly in A&NZ. This partnership will connect Australian Dealers and Distributors better than ever before to their North American factory partners, providing a streamlined one product service covering orders, foreign exchange payments and funding through to sale or up to 730 days. We are excited to enable sales growth and ensure more product is getting to Australians and Kiwi's for work and play than ever before," Paul Mitchell, Founder/CEO of MitchCap said.