TCF’s Inventory Finance Selected as Speed UTV’s Exclusive Floor Plan Financing Provider

Rhea-AI Summary

TCF National Bank has been named the exclusive floor plan financing provider for Speed UTV, a powersports manufacturer founded by former racer Robby Gordon and Todd Romano. The duo brings over 40 years of experience in the industry, having developed products for major OEMs. Romano praised TCF for understanding the unique financing needs of their business. TCF's CEO highlighted the company's excitement about contributing to Speed UTV's growth. TCF Financial Corporation, a significant financial player with $48 billion in assets as of 2020, operates across the U.S. and Canada.

Positive

• Exclusive financing partnership with Speed UTV enhances market presence.
• Leadership team of Speed UTV has over 40 years of industry experience.
• TCF's role supports Speed UTV's near- and long-term growth.

Negative

• None.

TCF National Bank’s inventory finance subsidiary was named the exclusive floor plan financing provider for powersports company Speed UTV, which is owned by Robby Gordon, a former NASCAR and IndyCar racer, and Todd Romano, Founder of DragonFire Racing.

Collectively, Gordon and Romano have more than 40 years of racing, engineering and business experience. They have assisted many of the major powersports original equipment manufacturers (OEMs) with product and new vehicle development, and have now decided to offer the market their own high-performance off-road vehicles, accessories and industry-leading designs.

“TCF believed in our unique business model, vehicles, dealers, our company and its financial outlook. Floor plan finance companies need to have a deep understanding of our business and our dealers’ business to see the value in financing our products. TCF reviews many new business opportunities each year, and this year they chose Speed UTV as one of the companies to support through dealer financing. Our management team and dealer network are excited for this new relationship,” said Romano.

“TCF is thrilled to be Speed UTV’s exclusive floorplan financing provider. Mr. Gordon and Mr. Romano are experienced and skilled leaders in the powersports industry, which is sure to be invaluable to the success of Speed UTV. We thank them for selecting us to play a role in their company’s near- and long-term growth,” said Jay Deverell, chief executive officer, TCF Inventory Finance.

The TCF Inventory Finance team provides floor plan financing solutions developed for manufacturers and dealers that sell equipment to commercial and consumer customers located in the U.S. and Canada.

About TCF: TCF Financial Corporation (NASDAQ: TCF) is a Detroit, Michigan-based financial holding company with $48 billion in total assets at Dec. 31, 2020 and a top 10 deposit market share in the Midwest. TCF’s primary banking subsidiary, TCF National Bank, is a premier Midwest bank offering consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses and commercial clients. TCF has approximately 470 branches primarily located in Michigan, Illinois and Minnesota with additional locations in Colorado, Ohio, South Dakota and Wisconsin. TCF also conducts business across all 50 states and Canada through its specialty lending and leasing businesses. To learn more about TCF, visit tcfbank.com.

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Source: TCF Financial Corporation

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005368/en/

FAQ

What is the new partnership between TCF and Speed UTV?

TCF National Bank is the exclusive floor plan financing provider for Speed UTV, enhancing their operational financing.

Who are the founders of Speed UTV?

Speed UTV was founded by Robby Gordon and Todd Romano.

How does TCF support Speed UTV?

TCF provides specialized floor plan financing solutions to support Speed UTV's dealer network and product offerings.

What experience do the founders of Speed UTV bring?

Robby Gordon and Todd Romano have over 40 years of combined experience in racing and the powersports industry.