GE Capital Dealer Finance said it is doubling its sales force to support growing retail and wholesale demand for construction equipment financing. GE Capital’s lending to the construction industry grew 36 percent in 2011 and the outlook for 2012 activity is strong, the company said, creating the need for additional staff.
“The new hires will be spread across 10 regions in the U.S. to provide one-on-one assistance to our wholesale and retail customers when necessary,” said Kristi Webb, commercial leader of GE Capital, Dealer Finance. “This enhanced coverage ensures that we’re ready to assist dealers with financing options ranging from straightforward same-day funding to complex structuring.”
The company is expecting modest growth in construction end markets.
“The non-residential building sector will benefit from gradually improving general economic conditions, corporate profits and employment numbers,” said Serena Tse, senior vice president and construction industry research manager at GE Capital. “At the same time, the public sector is facing a difficult budget environment and the lack of a long-term transportation bill, while the residential sector will continue to be adversely affected by excess inventories.”
