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ADP Dealer Services announces new Financing for Purchases Made by Car Dealers as part of Transition to CDK Global
CDK Global has announced that the company will offer Car Dealers a new Financing Program with GE Capital after they transition from ADP Dealer Services and complete their spinoff from the ADP corporate parent.
I wanted to let ADM Community Members know about a press release that came out today from CDK Global... The company that will replace ADP Dealer Services. After the spinoff from ADP on Oct 1, CDK and GE Capital will be launching a co-branded financing program for dealers in Canada and the US.
Previously, ADP Dealer Services utilized ADP’s Credit Services for all financing. Now, GE Capital will offer their financial stability and strong reputation to CDK’s dealers. Since 2007, GE Capital's Equipment Finance business has completed $36 billion in lease and loan transactions. Its network includes more than 200,000 customers in over 10 industries. Shown below is the actual press release.
New Financing Source Available for CDK Global’s Clients
HOFFMAN ESTATES, IL and IRVING, TX – CDK Global, LLC., a subsidiary of ADP ® and a leading global technology solutions provider dedicated to helping automotive retailers and manufacturers drive measurable results, announced today that it will offer a new, co-branded financing program for U.S. and Canada-based dealers with GE Capital’s Equipment Finance business.
ADP previously announced that its Dealer Services division would spin off as an independent, public company under the name CDK Global.
GE Capital has purchased substantially all of the financing agreements for CDK Global’s clients from ADP Commercial Leasing, CDK Global’s former finance and leasing affiliate. Dealerships that have previously financed through ADP Commercial Leasing will feel little impact from the change, other than the name and contract number.
GE Capital will offer its comprehensive financing solutions to the dealer clients of CDK Global on a go-forward basis. CDK Global and GE Capital will continue to offer the same level of support for both existing and new CDK clients to meet and manage their leasing or lending needs, including dedicated support representatives and the ability to manage their accounts electronically.
Supported by GE Capital, the existing CDK team will continue to lead the finance relationship.
“We’re pleased to work with GE Capital to offer our clients the robust financing options they’ve come to expect,” said Bob Karp, North America President of CDK Global. “With the CDK Financial Solutions support team remaining in place, our clients will experience as little disruption to their business as possible as we move our leasing offering to this strong, stable financing provider.”
Since 2007, GE Capital’s Equipment Finance business has completed $36 billion in lease and loan transactions. Its network includes more than 200,000 customers in over 10 industries.
“We’re excited to provide CDK Global’s dealers with world-class financing options,” said Jim Kelly, managing director of vendor finance at GE Capital, Equipment Finance. “Through this new program, CDK Global’s dealers will have a reliable provider as well as improved cash management and financial flexibility.”
About CDK Global –
CDK GlobalTM, formerly ADP Dealer Services, is the largest global provider of integrated information technology and digital marketing solutions to over 26,000 retail locations and manufacturers in over 100 countries around the world. With nearly $2 billion in revenues and over 40 years of experience, CDK Global’s solutions automate and integrate critical workflow processes from pre-sale targeted advertising and marketing campaigns to the sale, financing, insurance, parts supply, repair and maintenance of vehicles. Visit www.adpdealerservices.com.
About GE Capital -
Equipment Finance With more than $36 billion in lease and loan transactions since 2007, GE Capital, Equipment Finance manages over 40 manufacturer financing programs that span 10+ industries, including transportation, construction, information technology (IT), office imaging (OI), golf and turf, healthcare and manufacturing. It maintains relationships with approximately 200,000 business customers through its network of dealers and distributors, and evaluates more than 1,000 financing applications daily. To stay up-to-date on commercial lending and leasing news, follow us on Twitter . GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter . GE (NYSE: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com .
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