INDIANAPOLIS, IN – March 9, 2021 – First Business Bank announces a new arrangement allowing First Business Bank’s Floorplan Financing clients to finance their vehicle inventory purchases from SmartAuction®, an industry-leading online vehicle auction from Ally Financial.
To help dealers efficiently manage their inventory, approximately 40,000 vehicles — representing all major makes and models — are available for wholesale purchase each day on the SmartAuction website. Dealers have purchased more than 6 million vehicles via SmartAuction since 2000.
“We’re excited about this new relationship with SmartAuction because it allows our independent car dealer clients across the country even more options and flexibility to purchase inventory,” said Jeff Widholm, Managing Director – Floorplan Financing at First Business Specialty Finance, LLC, a subsidiary of First Business Bank.
First Business Bank’s Floorplan Financing team offers independent car dealers the flexibility to finance their used car purchases, preserving cash flow and allowing them to buy preferred inventory. Floorplanning programs are available from $500,000 to $10 million for larger, well-established independent car dealers. This limited focus, a hallmark of First Business Bank’s business model, facilitates a smaller clientele than large competitors, empowering personalized concierge service.
About First Business Bank
First Business Bank specializes in Business Banking, including Commercial Banking and Specialty Finance, Private Wealth, and Bank Consulting services, and through its refined focus delivers unmatched expertise, accessibility, and responsiveness. Specialty Finance solutions are delivered through First Business Bank’s wholly owned subsidiary First Business Specialty Finance, LLC. First Business Bank is a wholly owned subsidiary of First Business Financial Services, Inc. (Nasdaq: FBIZ). For additional information, visit firstbusiness.bank.