Brunswick Corporation and Transamerica Distribution
Finance announced the formation of Brunswick Acceptance Company, LLC (BAC), a joint venture between Brunswick and Transamerica. BAC will offer wholesale financing to the domestic Brunswick Boat Group and Mercury Marine dealer networks.
“Over the past 10 years, many financial institutions have gotten into, and out of, marine lending. Our goal is to provide stability and to assure a source of floor plan financing for our dealers over the long term," said Brunswick Chairman and Chief Executive Officer George W. Buckley. "With this joint venture, we bring together the resources of the world's largest marine company with Transamerica, a leading provider of distribution finance services for almost 50 years."
"We're extremely pleased to partner with Brunswick in the formation of this new venture and to provide the products and services that we will jointly bring to market," said Steven J. Toeniskoetter, President, Transamerica Distribution Finance. "We will be able to leverage the strengths of both organizations to deliver more value to our customers."
"We are thrilled to be able to join forces with Brunswick to roll out a new and competitive alternative for their dealers' financing needs," said Richard Strickler, Senior Vice President, Recreational Products for Transamerica Distribution Finance. "Transamerica Distribution Finance has built its leadership position by remaining customer-focused and consistently exploring new opportunities, and this partnership represents one more way we can use our experience and expertise to benefit our customers."
BAC is scheduled to begin operations on Jan. 2, 2003, with offices in Hoffman Estates, Ill., Knoxville, Tenn., and Fond du Lac, Wis.