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38 | Boating Industry | May 2017 [ Bigger, better, faster ] www.BoatingIndustry.com manage their inventory and cash flow to survive that period of time." While challenges exist for floorplan financing lenders, underwriting and credit line approval has improved since pre-recession days. "There are multiple variations that can be developed to assist dealers during slow selling periods or to promote new product introductions by the OEMs," said Van Wagoner. "Inventory financing is the key to being able to stock the right mix of inventory and not have to wait for it to be produced and shipped. In this consumer-driven environ- ment, being able to meet a consumer's de- sires immediately is critical." Much thanks is owed to improved on- line applications and dealer management systems from lenders. CDF offers its online dealer management system, COMS, to sim- plify the dealer experience. CDFconnect also offers additional tools and resources dealers can access to answer questions and provide training for complex business scenarios. "Inventory financing has evolved from the standpoint that we have become smarter at what we do. Sure the industry has grown and so has CDF but we have done it responsibly so as not to experience some of the pain of the past," said Van Wagoner. "We have to be able to react at 'market speed' to the needs of the dealer and the manufacturer and we are doing that with our dedicated team of professionals to meet and dis- cuss the markets the products and the outlooks as they happen." LH-Finance offers a web-based floorplan management system that gives dealers access to lines of credit, online bill payment and advanced reporting tools. "With this tool, we now have even more time to focus on providing dealers with exceptional customer service," said Bonnet. Increased competition While the number of players in marine floorplan financing is significantly reduced compared to before the recession, competition remains high in the category among its players. Northpoint believes its competitive advantage is their ability to make quick credit decisions and focus on the customer's needs, and thus the com- pany has more flexibility to meet the needs of the OEMs and dealers. "Our decision makers reside within the business. Dealers [and] manufac- turers have direct contact with the people that actually make decisions in our company," said Baqir. "Northpoint continues to experience significant growth, and recently added additional salespeople and continues to sign more manufacturers." Conversely, CDF says its acquisition by Wells Fargo has allowed the financer to offer more products to customers aimed at making their busi- nesses more efficient and profitable. New products include treasury manage- ment services, real estate financing, investment services, insurance services and equipment financing "It's amazing that we have been part of Wells Fargo for over a year now. The products we offered pre-sale and post-sale were very well estab- lished and have not changed," said Van Wagoner. "What has changed is the access to multiple traditional banking products not available previously. Intro- duction of these products is being rolled out thoughtfully, so our customers are not overwhelmed by the sheer volume of fi- nance and banking options." As the marine industry recovers and grows, LH-Finance sees an opportunity to expand and offer new products. The company has a strategic global part- nership with CGI Finance, a European company in yacht finance. Under this partnership, LH-Finance is able to provide a global offering for yacht manufacturers, dealers and customers seeking financing in the North Ameri- can and European markets. "Based on the feedback we've had from the dealers and manufacturers, we feel dealers are really looking for a joint and innovative approach where retail and inventory financing are combined to their benefit," said Bonnet. "Through the years, we have established strong partnerships with global leaders and premium international brands in the marine industry. We have a highly experienced team dedicated to marine financing. That means that we can offer fast credit decisions and competitive marine lending solutions to help grow the boating community." A focus on customer service and relationship building is a high prior- ity for lenders as well. Northpoint conducts an independent survey of its customers and states the company has consistently been rated nine out of a possible ten by its dealers in terms of overall customer satisfaction. North- point uses the survey to insure the customer's needs are being met and that customer service remains at the forefront. "The survey is our way of holding ourselves accountable to our tagline that 'extraordinary service should be standard'. We truly believe in having a personal relationship with our customer – whether it's an OEM or a dealer," said Baqir. CDF hangs its hat on its history as an industry advocate, investing in programs such as Grow Boating/Discover Boating and sponsoring the Boating Industry Top 100 since its inception. "We have established long-term, mutually successful relationships with the biggest and best manufacturers and dealers in the industry," said Van Wagoner. "I believe that the value proposition we have developed and ex- panded over 50 years puts us in the best position to help this industry, its OEMs and its dealers grow and prosper better than any competitor." "…WE FEEL DEALERS ARE REALLY LOOKING FOR A JOINT AND INNOVATIVE APPROACH WHERE RETAIL AND INVENTORY FINANCING ARE COMBINED TO THEIR BENEFIT." — Herve Bonnet, president and CEO of LH-Finance PHOTO CREDIT: ©ISTOCK.COM / DUTKO