CDK Global to begin financing program with GE Capital
HOFFMAN ESTATES, IL--CDK Global, LLC., a subsidiary of ADP (R) and a leading global technology solutions provider dedicated to helping automotive retailers and manufacturers drive measurable results, announced today that it will offer a new, co-branded financing program for U.S. and Canada-based dealers with GE Capital's Equipment Finance business.
ADP previously announced that its Dealer Services division would spin off as an independent, public company under the name CDK Global.
GE Capital has purchased substantially all of the financing agreements for CDK Global's clients from ADP Commercial Leasing, CDK Global's former finance and leasing affiliate. Dealerships that have previously financed through ADP Commercial Leasing will feel little impact from the change, other than the name and contract number.
GE Capital will offer its comprehensive financing solutions to the dealer clients of CDK Global on a go-forward basis. CDK Global and GE Capital will continue to offer the same level of support for both existing and new CDK clients to meet and manage their leasing or lending needs, including dedicated support representatives and the ability to manage their accounts electronically.
Supported by GE Capital, the existing CDK team will continue to lead the finance relationship.
"We're pleased to work with GE Capital to offer our clients the robust financing options they've come to expect," said Bob Karp, North America President of CDK Global. "With the CDK Financial Solutions support team remaining in place, our clients will experience as little disruption to their business as possible as we move our leasing offering to this strong, stable financing provider."
Since 2007, GE Capital's Equipment Finance business has completed $36 billion in lease and loan transactions. Its network includes more than 200,000 customers in over 10 industries.
"We're excited to provide CDK Global's dealers with world-class financing options," said Jim Kelly, managing director of vendor finance at GE Capital, Equipment Finance. "Through this new program, CDK Global's dealers will have a reliable provider as well as improved cash management and financial flexibility."