ASV Announces the Launch of ASV Capital

GRAND RAPIDS, Minn. – ASV announced today it has partnered with CIT Group to form ASV Capital, a private-label finance program to offer wholesale and retail financing options on the sale of ASV products.

"We are pleased to offer the financing capabilities of ASV Capital to our dealers and customers,” said ASV Director of Sales Don Powell, speaking on the launch of ASV Capital. “Sales of ASV products are strong and continue to grow. To capitalize on our increasing demand we looked for ways to enhance the sales process and offer new credit options to our dealers and customers. We believe our partnership with CIT, one of the leaders in equipment finance, will give our dealers attractive financing options and a streamlined process, further enhancing their sales of ASV products."

With CIT's recent investment in technology, ASV dealers will receive first-in-class service with quick turnaround on all retail transactions. Representatives of ASV and CIT will make joint credit decisions, with CIT retaining the risk of the credit portfolio.

ASV Capital is expected to offer credit lines to approved dealers for wholesale transactions, eliminating much of the paperwork that now exists when financing ASV equipment. With these streamlined funding procedures, ASV is expected to receive more timely payment on the sale of its products.

According to CIT Vice President Rick MacDonald, ASV's strong financial position and its outlook for future growth were key in attracting CIT to this program. "ASV's increasing sales volumes and opportunities for continued growth attracted us to this new business alliance,” he said. “We are pleased to build on our current relationship with this new private label financing program to further assist ASV in building its sales and increasing its market penetration."

ASV Capital is being introduced to ASV dealers immediately and will be available for all future equipment transactions.