BLOOMINGTON, MN – In order to ensure that Toro grounds customers continue to have access to financing at market competitive rates, The Toro Company announced that it has reached agreement with three additional financial service firms to support equipment and irrigation system sales through the company’s distribution channel.
“There were many financing companies that were interested in working with Toro,” stated Mike Nesdahl, senior marketing manager for Toro Financing. “The new partners selected have relevant market experience and demonstrated a sincere interest in delivering incremental value in financing solutions for turf market customers.”
The three new partners that now fall under the Toro Financing umbrella include:
- VGM Financial Services, a division of TCF Equipment Finance, Inc.
- U.S. Bancorp Business Finance Group, Inc.
- National City Commercial Capital Company, LLC, part of PNC Financial Services Group, Inc.
All three of Toro’s new partners have unique strengths and were listed in the Monitor Bank 50 – Top 20 Bank-affiliated Leasing Companies for 2007 in both the “New Volume” and “Net Asset” categories.
GE Capital, previously the sole vendor for Toro Financing, also remains a strong and viable strategic partner for meeting the needs of Toro’s customers in the future.
“It is critical in the current economic environment that our customers have access to financing,” stated Michael Happe, vice president of Toro’s Commercial Business. “As the leader in the industry, this move is a proactive measure to ensure that both access to capital and competitive rates are readily available to help our customers manage their operations successfully.”
Toro Expands List of Financial Service Partners
With the assistance of local Toro distributors, the additional financing partners will provide customers with not only competitive rates but multiple sources through which they can acquire funding and develop a customized financing structure best suited to their specific needs.
Toro Financing customers will continue to receive industry-leading service and support for all of their equipment or irrigation system financing needs.
For more information about Toro Financing Solutions, visit www.toro.com; contact your local Toro distributor at 800-803-8676; or write to Toro Commercial Equipment at 8111 Lyndale Avenue South, Bloomington, MN 55420.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading worldwide provider of turf and landscape maintenance equipment, and precision irrigation systems. With sales of nearly $1.9 billion in fiscal 2008, Toro’s global presence extends to more than 140 countries through its reputation of world-class service, innovation and turf expertise. Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. More information is available at www.toro.com.