The Toro Company and TCF Inventory Finance announced a joint venture to provide a cost-effective source of floor plan and open account financing to U.S. distributors and dealers and select Canadian distributors of the Toro and Exmark brands. TCFIF’s affiliate, TCF Commercial Finance Canada will handle floor plan and open account financing for dealers located in Canada.
Formed under the name Red Iron Acceptance, the new entity’s customer support services will be located at Toro’s Bloomington, Minnesota, headquarters. “Back office” operations will be housed at TCFIF’s offices in Hoffman Estates, Illinois. Four executives from each company will form a management committee to provide executive direction.
Toro and Exmark distributors currently receive commercial inventory financing through the Toro Credit Company and a third-party financing company. Red Iron Acceptance is expected to replace that current floor plan financing provided by both parties later this year. According to both companies, the entity will service nearly 3,500 channel partners who serve the golf, sports field, municipal, landscape contractor and residential markets.
