ANAHEIM, CALIF. —
BrandSource has launched a wholly owned wholesale finance firm for its CE, appliances and home-furnishings buying group.
The new business, BrandSource Financial, is designed to support member dealers and provide them with additional opportunities for profitability and growth, the buying group said.
BrandSource CEO Bob Lawrence said in a statement: “BrandSource Financial offers all the capabilities of any competitive wholesale finance company. In this time of tight margins, our members will have additional opportunity for profitability,” he added. “Since we own it, we all share in the proceeds.”
Lawrence said BrandSource Financial will launch with Electrolux immediately, and additional members will be added every week until the company reaches full rollout.
Lawrence credited several individuals for their hard work in supporting the creation of BrandSource Financial, including Bill Baptiste and Mike Cox at BrandSource headquarters, here, and Kevin Leier and Jacques LeCavalier of BrandSource Canada/ MEGA.
Lawrence also recognized Electrolux for its participation in the program and its support of BrandSource dealers and the independent channel.
BrandSource also said it has outsourced its Expert Warehouse fulfillment program to distribution powerhouse Ingram Micro, in advance of this month’s Chapter 11 bankruptcy filing by the buying group’s former distribution partner Archbrook Laguna. (See additional coverage above.)