Arctic Cat Inc. (ACAT 7.68, -0.07, -0.90%) announced today that the company has entered into an agreement with TCF Commercial Finance Canada, Inc., in which TCF becomes the exclusive provider of inventory floorplan financing for Arctic Cat's Canadian dealers, effective immediately.
The new multi-year financing program replaces Arctic Cat's current financing agreement in Canada with Textron Financial Corporation, which is exiting the dealer floorplan business.
"TCF Commercial Finance Canada shares our commitment to the power sports industry and to meeting the inventory financing needs of our ATV and snowmobile dealers in Canada," said Christopher Twomey, Arctic Cat's chairman and chief executive officer. "We are pleased to announce our new exclusive arrangement."
About Arctic Cat
Arctic Cat Inc. designs, engineers, manufactures and markets all-terrain vehicles (ATVs) and snowmobiles under the Arctic Cat(R) brand name, as well as related parts, garments and accessories. Its common stock is traded on the Nasdaq Global Select Market under the ticker symbol "ACAT." More information about Arctic Cat and its products is available at www.arcticcat.com.
About TCF Commercial Finance Canada, Inc.
TCF Commercial Finance Canada, Inc. is an affiliate of TCF Inventory Finance, Inc. (TCFIF). TCFIF (www.tcfif.com) offers a full range of inventory financing solutions to retailers throughout the United States and Canada in the consumer electronics and household appliances industry, the lawn and garden industry and the power sports industry. TCFIF is an indirect subsidiary of TCF Financial Corporation, a Wayzata, Minn.-based national financial holding company with $18 billion in total assets.