New deals for big wheels
May 14, 2014 by STAFF REPORT
Commercial equipment owners and lessees across Canada will have more choice when it comes to buying or leasing a vehicle, machinery or aircraft.
Coast Capital Equipment Finance Ltd. (CCEF), a subsidiary of Coast Capital Savings, and Travelers Financial Corporation (TFC) have announced that the assets of the prime equipment and vehicle finance business of TFC are now part of the Coast Capital Group of Companies.
The consolidated equipment finance business of the Coast Capital Group of Companies will be carried out under CCEF and two new entities, Travelers Finance Ltd. and Travelers Leasing Ltd.
The equipment finance industry provides financing for $20 billion worth of equipment each year in Canada. The combined operations of Coast Capital Equipment and Travelers is expected to generate about $400 million.
The combination is designed to help strengthen offerings, diversify origination channels, and add new technology for faster service to customers. The day-to-day operations will remain business-as-usual with no significant changes for customers, staff or leadership of each company.
TFC is one of the largest independent finance and leasing companies in Canada, offering a wide range of assets-based financing solutions to commercial and industrial sectors. Headquartered in Burnaby B.C., they also have offices in Alberta, Saskatchewan, Manitoba and Ontario.