GE Capital Buys Loans, Partners With CDK Global

CDK Global, LLC announced today, September 17, that it will offer a co-branded Finance Program for U.S. and Canadian Dealers though GE Capital. This move comes just months after our exclusive interview with Cobalt’s John Holt, and our follow-up about the creation of CDK Global LLC, the spin-off of ADP Dealer Services.

GE Capital purchased nearly all of the financing agreements for ADP Commercial Leasing (the former financing and leasing affiliate). One of the big questions surrounding this change is what the immediate impact could be for dealers who financed through ADP Commercial Leasing. According to a press release from ADP, “Dealerships that have previously financed through ADP Commercial Leasing will feel little impact from the change, other than the name and contract number.” Thus, dealers who may have been concerned this new partnership would cause headaches, shouldn’t have anything to be worried about.

According to an ADP press release, CDK Global representatives will be servicing current and future accounts under the direction of GE Capital. CDK Global President, Bob Karp, sees this co-branding effort as immensely positive. On this subject, Karp said, “We’re pleased to work with GE Capital to offer our clients the robust financing options they’ve come to expect. With the CDK Financial Solutions support team remaining in place, our clients will experience as little disruption to their business as possible as we move our leasing offering to this strong, stable financing provider.”

The addition of GE Capital as a partner means that CDK Global, LLC is bringing a true heavy-hitter onboard. GE Capital has completed a reported $36 billion in lease and loan transactions and has over 200,000 clients in 10 different industries. We will continue to follow this story for updates as they become available.