Energica: new factoring agreement with Westlake Financial Services.
Modena, October 29, 2020
Energica Motor Company, leading company of high-performing electric motorcycle and FIM Enel MotoE World Cup single manufacturer until 2022, has signed a new factoring agreement with Westlake Financial Services to help finance their U.S. dealer network.
The Italian company currently has more than 70 dealers worldwide, of which half have been engaged in the last 12 months. Energica is now planning a major expansion in the U.S. market to expand dealer locations in time for the start of the spring riding season.
For implement this plan, the new agreement with Westlake Financial Services is an important step. The agreement will give U.S. Energica dealers the opportunity to purchase more motorcycles thanks to an innovative financing method, therefore allowing them to display and demo product in dealer showrooms for longer periods and in larger volume, optimizing their working capital management.
“Thanks to enormous consumer demand for the new Energica MY2020, U.S. retail sales are likely to almost double in 2020 versus the previous year.” Pointed out Stefano Benatti, CEO of Energica Motor Company Inc., the Energica subsidiary in the United States. “It’s become clear that our further expansion can best be supported with this kind of financial instrument, provided by so prominent a financial institution as Westlake Financial with over 50,000 automotive and motorcycle dealerships throughout the United States and over $3.0 billion in managed assets.”