A tractor company aimed at hobby farmers and rural property owners is getting a boost through a new finance agreement with a North American financing and asset solutions firm.
On March 5, Mitsubishi HC Capital America (MHCCA) announced a new partnership with LS Tractor that will see MHCCA provide inventory financing for LS Tractor’s dealer network in Canada and the U.S.
Inventory financing is a type of financing meant to help businesses obtain funds to purchase goods, supplies and materials.
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WHY IT MATTERS: The North America compact tractor market is expected to grow from US$1.44 billion in 2022 to $2.09 billion by 2030.
What the deal includes
In a media release, LS Tractor said it will leverage the financing program to help dealers optimize inventory levels in the face of growing customer demand. LS Tractor manufactures sub-compact, compact and utility tractors.
“We’re excited to partner with Mitsubishi HC Capital America to provide our dealers with a financing solution that truly supports their needs,” Evan Myungkook Lee, chief finance officer for LS Tractor USA, said in the release.
“As we continue expanding across North America, having a partner that understands our business, moves quickly and tailors solutions to our goals is invaluable. This partnership strengthens our ability to serve customers and positions our dealers for continued success.”
Through the agreement, LS Tractor dealers will receive streamlined credit reviews, customized floorplan structures and a finance partner committed to fast decisions and long-term collaboration, according to the MHCCA release.
Matt Fitzjerrells, senior vice-president of inventory finance with MHCCA, said LS Tractor is a fast-growing, customer-focused organization.
“This relationship reinforces our commitment to helping manufacturers and dealers across both the United States and Canada achieve their growth objectives within the agriculture sector,” he said.
