Mitsubishi HC Capital America Expands Inventory Finance Team

At Mitsubishi HC Capital America, it’s all about being more for our customers. The newest developments within our Inventory Finance division are a case in point. The transportation industry, and work trucks in particular, have long been the primary focus of Inventory Finance. Offering inventory (or floor plan) financing rounded out our existing solution and enabled us to be more consultative to customers while meeting their critical business need for financing assets they hold for sale. Having built solid capabilities and structures for dealers, we set out to create a deliberate strategy to expand our offering to OEMs and customers in other industries.

As a result, we’ve made the move into the manufacturing and construction sectors. We’re prepared and ready for the clean energy truck market by providing solutions for new customers and existing dealer and OEM partners, as they move into clean technology.

“We offer more than financing,” explains Kirk Mann, Senior Vice President and GM, Transportation Finance. “We’re excited to work with both dealers and manufacturers to learn their business models, goals, and understand the ecosystem that surrounds their customers and business. We offer a consultative approach, which is a tremendous value-add as we work to create a collaborative, customized financing solution that aides in helping create business growth opportunities. By creating individualized inventory financing programs, we enable our customers to meet their goals and build strategies to accomplish more.”

Cross-border cooperation

Another unique strength of Mitsubishi HC Capital America’s Inventory Finance division is our ability to work cross-border with our colleagues in Canada. Far more than a satellite sales office in a state or province, we can provide inclusive, comprehensive, inventory financing for customers operating in either or both countries. “Our Canadian team works closely with our U.S. counterparts as a non-bank lender for OEMs, distributors and dealers who do business in both countries,” says Félix Beauregard, Vice President, Inventory Finance for Mitsubishi HC Capital Canada. “This capability is rather unique and a definite advantage for our customers.”

Mann echoes Beauregard’s comments on offering a non-bank alternative. “We see a real need in the marketplace for a strong, yet flexible, non-bank financing provider,” he states. “We have noticed an increased demand for our services since the pandemic began.”

Growing industry expertise

To further build our inventory finance capabilities, we’re pleased to announce new hires and promotions to the team:

Industry veteran Gary Furnas has been promoted to Vice President and General Manager, Inventory Finance, a division of Transportation Finance. He’s now responsible for the growth and development strategy of the division, managing the portfolio, and curating and cultivating new relationships with dealers and manufacturers across North America.

Navin Uttamchandani has joined the division as Vice President, Risk and Operations. He brings more than 20 years of progressive lending experience in underwriting, portfolio and risk management to the team, as well as leadership in transformation initiatives. He previously held positions at JP Morgan Chase, Santander Bank, Capital One Auto Finance and GE Capital/GE Commercial Distribution Finance.

Michelle Grubb is a new Sales Development Representative and Dayana Correa comes in as Inventory Finance Coordinator.

By lending into the supply chain with inventory financing, we give our customers another financing solution as they work to drive sales growth and improve their bottom lines. When you’re ready, we have the expertise, the relationships, and the resources to deliver more.