Bank Notes: Family business focus of forumMay 6, 2013
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Family Business focus of new program
TMAC’s Metroplex Region, a program within the University of Texas at Arlington Office of Research is rolling out a new service offering to aid family businesses.
The Family Business Advisor (FBA) service will specialize in working with family-owned and closely-held businesses providing expertise needed to reach strategic goals and to achieve maximum market potential.
A special event to launch TMAC’s Family Business Advisor program is May 14 from 9 a.m. to 3 p.m. at The Ballpark in Arlington’s Hall of Fame. Registration is $60, but registrants may bring additional guests for $20. The fee includes educational seminars, a family owned business panel discussion, lunch and sponsored exhibits. The seminar is co-sponsored by CTPC, MANT and SBDC.
Register at: http://bit.ly/106zEeh. (The link is case sensitive.)
For more information contact Kate.Beaver@tmac.org.
First American goes boutique
First American Payment Systems, a Fort Worth-based payment processor, plans to offer a new boutique Wholesale ISO [independent sales organization] Program geared toward accelerating partner growth and customizing operational support.
“We listened to what industry veterans and leaders wanted in an ISO program and created a boutique plan that encompasses the most desirable aspects from partnership programs in the industry,” said John Newton, director of sales, strategic partnership channel for the company.
The Wholesale Program gives ISO’s a powerful set of product solutions to differentiate themselves in the market. Custom marketing packages drive value to the ISO’s brand while full-service operations and sales support enable ISO’s to focus on driving sales and profitability.
“We are very proud and excited to introduce this program at the ETA annual convention in New Orleans. This program reflects our corporate philosophy to offer flexible, powerful solutions to ISOs in this rapidly changing payments landscape,” Newton said.
GE Capital strikes deal with Global Electric Motorcars
Irving-based GE Capital’s Equipment Finance business has signed a three-year agreement to provide financing for commercial purchases of Global Electric Motorcars (GEM). Owned by Polaris Industries Inc. (NYSE: PII), GEM produces electric low-speed vehicles that are typically used by municipalities, hotels, resorts, and property and facility maintenance departments.
Based in Medina, Minn., Polaris designs, manufactures and markets motorized products for consumer and commercial usage. Its product lines consist of all-terrain vehicles (ATVs), snowmobiles, Polaris RANGER and RZR side-by-sides, Indian and Victory Motorcycles and related parts, garments and accessories. Acquired in 2011, GEM has sold more than 46,000 eco-friendly and street legal electric vehicles worldwide.
GE Capital and its predecessors have provided inventory and consumer financing to Polaris for more than 25 years.
“We’re pleased to expand our relationship with one of the most well-known powersports manufacturers in the world,” said Diane Cooper, leader of GE Capital, Equipment Finance and a GE company officer. “By offering financing for commercial purchasers, Polaris should be able to grow sales of GEM vehicles nationwide.”
GM Financial reports results
Fort Worth-based General Motors Financial Company Inc. reported net income of $106 million for the quarter ended March 31, compared to $112 million for the quarter ended a year earlier.
Consumer loan originations were $1.4 billion for the quarter ending March 31, compared to $1.2 billion for the quarter ended December 31, 2012, and $1.4 billion for the quarter ended a year earlier. The outstanding balance of consumer finance receivables totaled $11.2 billion at March 31, 2013.
Lease originations of General Motors Company vehicles were $620 million for the quarter ended March 31, 2013, compared to $265 million for the quarter ended December 31, 2012 and $384 million for the quarter ended March 31, 2012. Leased vehicles, net, totaled $2.1 billion at March 31, 2013.
Consumer finance receivables 31-to-60 days delinquent were 4.3% of the portfolio at March 31, 2013, compared to 3.2 percent at March 31, 2012. Accounts more than 60 days delinquent were 1.5 percent of the portfolio at March 31, 2013, compared to 1.2 percent a year ago.
Annualized net credit losses were 2.6 percent of average consumer finance receivables for the quarter ended March 31, 2013, compared to 2.5 percent for the quarter ended March 31, 2012.
The Company had total available liquidity of $3.3 billion at March 31, 2013, consisting of $2.9 billion of unrestricted cash, approximately $108 million of borrowing capacity on unpledged eligible assets and $300 million on a line of credit from GM.
Fort Worth-based AmeriCredit was acquired by General Motors in 2010 and renamed GM Financial.
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