Fleetwood Announces Launch of Fleetwood Financial Services
03 Março 2008 - 9:30AM
PR Newswire (US)
Strategic Alliance With Bank of America To Increase Fleetwood
Competitive Advantage in RV Market RIVERSIDE, Calif., March 3
/PRNewswire-FirstCall/ -- Fleetwood Enterprises, Inc. (NYSE:FLE)
announced today that it is launching Fleetwood Financial Services
(FFS), a new RV finance unit that will provide innovative,
exclusive benefits to its recreational vehicle dealers, as well as
competitive retail financing to the dealers' customers. The core
offerings of FFS were co-developed with Bank of America Dealer
Financial Services, and are designed to strengthen Fleetwood's
partnership with its dealers and drive retail sales by enhancing
customer financing options. The new venture will provide attractive
wholesale and retail finance alternatives, reduce dealers' flooring
costs, and further enhance the competitive advantage of Fleetwood's
RV products as they are marketed through its U.S. network of
independent motor home and travel trailer dealers. "This initiative
is more comprehensive than any financing program currently
available in the recreational vehicle industry and we believe it
has exceptional potential to benefit our business partners," said
Paul C. Eskritt, president of Fleetwood's RV Group. "One of its
unique characteristics is the scalability of the various wholesale
and retail financing programs, which will allow dealers of all
sizes to have an opportunity to participate, making them and their
retail customers the greatest beneficiaries of this exclusive
arrangement." Bank of America and Fleetwood have a longstanding
relationship, and Bank of America has a leading share of retail
financings in the RV industry and a major share of floorplan
financing for Fleetwood's products. "Bank of America is an ideal
choice for this venture because of its size, scale and prominence
in the recreational vehicle financing arena," said Elden L. Smith,
president and CEO of Fleetwood Enterprises, Inc. "As a result, FFS
will offer very attractive exclusive financing options to our
dealers. We expect that the alliance will enable both Fleetwood's
RV Group and Bank of America Dealer Financial Services to increase
revenues, market share, and dealer distribution. Various programs
and incentives will be employed to support our products; increase
the value and importance of our relationships with our dealers,
which should result in increased shelf space; and drive retail
sales of our products. FFS is positioned to make Fleetwood's
dealers more profitable as well as significantly increase the cost
effectiveness of our marketing efforts." "We are delighted to have
formed this strategic alliance with Fleetwood, a leading
manufacturer in the RV industry," said Ellsworth S. Clarke,
president of Bank of America Dealer Financial Services. "Our
complementary market positions, Fleetwood's deep dealer base, and
Bank of America's market-leading performance in RV finance are
powerful elements in combination and we look forward to offering
the resulting value proposition to our dealer customers and the
individual buyers of Fleetwood products." Fleetwood was exclusively
advised in this arrangement by Applied Structured Finance LLC.
About Fleetwood Fleetwood Enterprises, Inc., through its
subsidiaries, is a leading producer of recreational vehicles and
manufactured homes. This Fortune 1000 company, headquartered in
Riverside, Calif., is dedicated to providing quality, innovative
products that offer exceptional value to its customers. Fleetwood
operates facilities strategically located throughout the nation,
including recreational vehicle, factory-built housing and supply
subsidiary plants. For more information, visit the Company's
website at http://www.fleetwood.com/. About Bank of America Bank of
America (NYSE:BAC) is one of the world's largest financial
institutions, serving individual consumers, small and middle market
businesses and large corporations with a full range of banking,
investing, asset management and other financial products and
services. The company's Global Corporate and Investment Banking
group (GCIB) focuses on companies with annual revenues of more than
$2.5 million; middle-market and large corporations; institutional
investors; financial institutions; and government entities. GCIB
provides innovative services in M&A, equity and debt capital
raising, lending, trading, risk management, treasury management and
research. Bank of America serves clients in 175 countries and has
relationships with 99 percent of the U.S. Fortune 500 companies and
83 percent of the Global Fortune 500. Many of the bank's services
to corporate and institutional clients are provided through its
U.S. and UK subsidiaries, Banc of America Securities LLC and Banc
of America Securities Limited. For additional information, visit
http://www.bankofamerica.com/. About Applied Structured Finance LLC
Applied Structured Finance LLC ("ASF") is a Seattle-based specialty
investment bank that advises manufacturers on the creation of
strategic vendor financing programs. This press release contains
certain forward-looking statements and information based on the
beliefs of Fleetwood's management as well as assumptions made by,
and information currently available to, Fleetwood's management.
Such statements, including those regarding enhancing Fleetwood's
competitiveness, sales, market share, and dealer distribution,
reflect the current views of Fleetwood with respect to future
events and are subject to certain risks, uncertainties, and
assumptions, including risk factors identified in Fleetwood's 10-K
and other SEC filings. These risks and uncertainties include,
without limitation, the lack of assurance that we will regain
sustainable profitability in the foreseeable future; the effect of
ongoing weakness in the manufactured housing market and more recent
weakness in the recreational vehicle market; the effect of global
tensions, volatile fuel prices, interest rates, employment trends,
stock market performance, availability of financing generally, and
other factors that can have a negative impact on consumer
confidence, which in turn may reduce demand for our products,
particularly recreational vehicles; the availability and cost of
wholesale and retail financing for both manufactured housing and
recreational vehicles; our ability to comply with financial tests
and covenants on existing debt obligations; our ability to obtain
the financing we will need in the future to execute our business
strategies and to meet the terms of our outstanding convertible
debt instruments; the cyclical and seasonal nature of both the
manufactured housing and recreational vehicle industries; expenses
and uncertainties associated with the entry into new business
segments or the manufacturing, development, and introduction of new
products; the potential for excessive retail inventory levels in
the manufactured housing and recreational vehicle industries; the
volatility of our stock price; repurchase agreements with floorplan
lenders, which could result in increased costs; potential increases
in the frequency of product liability, wrongful death, class
action, and other legal actions; and the highly competitive nature
of our industries. Contact: Lyle Larkin, Vice President - Treasurer
(951) 351-3535 Kathy A. Munson, Director - Investor Relations (951)
351-3650 DATASOURCE: Fleetwood Enterprises, Inc. CONTACT: Lyle
Larkin, Vice President - Treasurer, +1-951-351-3535, or Kathy A.
Munson, Director - Investor Relations, +1-951-351-3650, both of
Fleetwood Enterprises, Inc. Web site: http://www.fleetwood.com/
http://www.bankofamerica.com/
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