JCB Finance recently partnered with Bank of the West as a branded virtual joint venture (VJV) captive finance company. With this agreement Bank of the West will handle all retail and leasing transactions for JCB’s U.S.-based dealerships and customers.
“We’re anticipating substantial growth over the next five years that will create significant demand for our finance division," said Dallas Reeves, JCB North America’s vice president of dealer sales. "By partnering with Bank of the West, we’ll have the resources needed to provide optimum service and be more competitive in the marketplace.”
JCB chose to partner with Bank of the West because it maintains a high credit rating with the finance industry’s three primary rating agencies. Bank of the West also has a long-standing relationship with JCB Finance, serving as a funding resource for the company since 2004.
With the launch of this new retail finance program will come a new automated credit processing system that has the ability to process applications in minutes. JCB dealers will have 24/7 access to this system, which includes remote application entry, automated decisions, electronic alerts, and real-time deal status.
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