By Louis Iannaco
Kettering, Ohio—GE Consumer Finance’s Retail Sales Finance unit has changed its name to GE Money’s Sales Finance. The business unit has achieved double-digit growth over the last four years and has doubled its assets in just the past two, reaching $16 billion. GE Money’s Sales Finance division helps business owners increase sales and profits by providing extended financing, installment lending, revolving credit, private-label credit cards, bank card programs and other financing solutions to independent and regional retailers, manufacturers, service providers, health care professionals and consumers.
“The new name reflects how we’ve evolved beyond the retail space,” said Glenn Marino, president and CEO of GE Money’s Sales Finance unit. “We are broadening our markets, channels and product offerings—all focused on helping our many partners grow their businesses by offering simple, fast and flexible financing programs to their customers.”
Sales financing has been shown to quadruple an average ticket sale over other tenders.
Much of the business unit’s growth is fueled by new product introductions, strategic acquisitions and partner alliances in more than 20 industries, Marino said. “Growth has been particularly robust in healthcare, power products, home improvement, furniture, consumer electronics, jewelry, sporting goods, recreational vehicle and marine segments. Organic growth and client renewals have also contributed to the division’s continued progress.”
Sales Finance applied its capabilities in lifestyle financing when it introduced the Luxury Card from GE Money in June. The first private-label credit card issued under the GE Money brand in the United States, the Luxury Card was developed as a financing vehicle for luxury purchases such as jewelry, china, stemware, collectibles, fragrances and fashion. The card carries credit limits up to $100,000, has significant merchant benefits such as 100% funding within approximately 48 hours, no set-up fee, free in-store promotional materials and low transaction fees. Sales Finance also launched a GE Money-branded finance program for sporting goods in late October.
“This new brand is about simplicity, providing powerful business building tools for our partners, and creating a consistent experience for partners and customers,” Marino said. “It’s easier than ever to do business with us.”
