GE Consumer Finance’s Retail Sales Finance Announces Name Change

Furniture World News

GE Consumer Finance’s Retail Sales Finance unit announced it is changing its name to GE Money – Sales Finance. The business unit has achieved double-digit growth over the last four years and has doubled its assets in just the past two, reaching $16 billion. GE Money’s Sales Finance division helps business owners increase sales and profits by providing extended financing, installment lending, revolving credit, private label credit cards, bank card programs and other financing solutions to independent and regional retailers, dealers, manufacturers, service providers, health care professionals and consumers.  “The new name reflects how we’ve evolved beyond the retail space,” said Glenn Marino, president and CEO of GE Money’s Sales Finance unit.  “We’re broadening our markets, channels and product offerings -- all focused on helping our partners grow their businesses by offering simple, fast and flexible financing programs to their customers.” Sales financing has been shown to quadruple an average ticket sale over other tenders. Much of the business unit’s growth is fueled by new product introductions, strategic acquisitions and partner alliances in more than 20 industries. Growth has been particularly robust in healthcare, power products, home improvement, furniture, consumer electronics, jewelry, sporting goods, recreational vehicle and marine segments.  Organic growth and client renewals have also contributed to the division’s continued progress. The business was started more than 50 years ago and has grown exponentially in the past few years. Industry-specific knowledge and stability has earned Sales Finance a reputation as proven experts in creating customized financing programs for home improvement (15 years); power products (15 years); healthcare (20 years); automotive (25 years); appliances (over 50 years) and other segments. Sales Finance applied its capabilities in lifestyle financing when it introduced the Luxury Card from GE Money in June.  The first private label credit card issued under the GE Money brand in the United States, the Luxury Card was developed as a financing vehicle for luxury purchases such as jewelry, china, stemware, collectibles, fragrances and fashion.  The card carries credit limits up to $100,000, has significant merchant benefits such as 100 percent funding within approximately 48 hours, no set-up fee, free in-store promotional materials and low transaction fees.  Sales Finance will launch a GE Money-branded finance program for sporting goods later this month. “The new brand is about simplicity, providing powerful business building tools for our partners, and creating a consistent experience for partners and customers,” explained Marino.  “It’s easier than ever to do business with us.”   ABOUT SALES FINANCE AND GE MONEY Sales Finance, based in Kettering, Ohio, is part of GE Money, formerly GE Consumer Finance.  The company provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in more than 20 industries including powersports, sporting goods, home improvement, outdoor power equipment, automotive, recreational vehicles, marine, consumer electronics and appliances, furniture, floor coverings, music jewelry and health care.  With $163 billion in assets, GE Money, a unit of General Electric Company (NYSE: GE), is a leading provider of credit services to consumers, retailers and auto dealers in approximately 50 countries around the world.  GE Money, based in Stamford, Connecticut, offers a range of financial products including credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance.  More information is at www.gemoney.com.