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First Business Bank’s Floorplan Financing Offered Through Ally’s SmartAuction

March 19, 2021, 07:04 AM
Filed Under: Industry News

First Business Bank announced a new arrangement allowing First Business Bank’s Floorplan Financing clients to finance their vehicle inventory purchases from SmartAuction, an online vehicle auction from Ally Financial.

To help dealers efficiently manage their inventory, approximately 40,000 vehicles — representing all major makes and models — are available for wholesale purchase each day on the SmartAuction website.  Dealers have purchased more than 6 million vehicles via SmartAuction since 2000.

“We’re excited about this new relationship with SmartAuction because it allows our independent car dealer clients across the country even more options and flexibility to purchase inventory,” said Jeff Widholm, Managing Director – Floorplan Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank.

First Business Bank’s Floorplan Financing team offers independent car dealers the flexibility to finance their used car purchases, preserving cash flow and allowing them to buy preferred inventory. Floorplanning programs are available from $500,000 to $10 million for larger, well-established independent car dealers. This limited focus, a hallmark of First Business Bank’s business model, facilitates a smaller clientele than large competitors, empowering personalized concierge service.

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