Customer Success Story
Canon Financial Services expands to offer floorplan financing
Shifting from outsourcing its authorised retailer floorplan finance, Canon Financial Services chose CALMS Compass (Solifi) floorplan finance solution to manage the business.
Background
Canon Financial Services Inc. (CFS) is a wholly-owned subsidiary of Canon USA, Inc, and operates as a national financer of Canon products. CFS finances products such as office equipment, medical supplies and high-end cameras for the entertainment industry.
Office equipment, medical supplies and high-end cameras
Challenge
The key challenge lay in expanding the existing retail lending operation of the company to include floorplan finance in a very short timeframe.
Solution
Solifi successfully implemented the CALMS Compass (Solifi) floorplan finance platform for Canon within 90 days of contract. CALMS Compass (Solifi) enables Canon to offer a feature-rich floorplan finance experience for its retailers, with capabilities equal to much larger organisations that are solely focused on floorplan finance. Canon has all the flexibility and tools to provide unique finance plans; at the same time, its CALMS (Solifi) solution enables its retailers to self-manage credit lines via order and payment management through a robust web portal.
Feature-rich floorplan finance software
Results
Strategically, moving into floorplan finance allows Canon to better service its retailers by offering both floorplan and retail finance from a single dedicated source. The result has been an enhanced, stable and more cost-effective financial service that makes itself critical to its retailers’ operations.
Canon can now cost-effectively provide a market-leading financial product while taking control of the borrower experience and ensuring its retailers have access to the funds they require.
