Appliance giant joins growing roster of approved suppliers

By Andy Kriege, YSN

BrandSource Financial (BSF), AVB’s member-owned finance company, has announced another addition to its growing list of more than 60 approved suppliers.

Joining the BSF roster is Samsung, a BrandSource partner that was cited as No. 1 in U.S. home appliance market share in the third quarter of 2021 by TraQline, a respected market research platform. Effective immediately, inventory financing for Samsung’s home appliance product line through BSF will be available to all participating BrandSource members.

Samsung was ranked highest in U.S. home appliance reliability and customer service in last year’s American Customer Satisfaction Index (ACSI) survey of consumers and received more J.D. Power Awards for appliances than any other brand in 2021.

Christine Moore

The announcement was made last week by Christine Moore, BSF’s General Manager. BrandSource members who utilize the financing program can now add Samsung’s deep line of major appliances to their active BSF accounts, she noted, while those who’ve yet to participate might now consider applying for the in-house financing plan.

“I am always happy to announce new suppliers, and this is a big one,” Moore said. “I am really excited about this partnership as it will benefit a great number of our participating members and give them an option to finance Samsung through BSF rather than through one of our distributors.”

Siheur Yang, who serves as Senior Manager of Buying Groups and Distribution for Samsung, was enthusiastic about the partnership and the growth potential for both entities that the collaboration will bring. “BrandSource is known for reinventing itself in order to bring new resources to its members; we’re extremely excited to be a part of that!”

Moore anticipates that the partnership will generate substantial new business. “The fact that our supplier list continues to grow makes BSF even more appealing,” she said. “That one new brand we add may be the reason a member starts using our program. This is certainly the case with Samsung.  And the more brands members finance through BSF, the more it drives their annual cash distributions. Definitely a win-win!”

Indeed, BSF recently announced a 50-basis-point payout to participating members, an increase of 25 percent from the prior year. That means dealers get back $500 for every $100,000 in annual volume financed through BSF.

See: Big News from BrandSource Financial

The annual cash distributions are just one benefit of member ownership of BrandSource’s floor-planning arm. With BSF, dealers also enjoy no-interest inventory financing, extended terms, and can layer in additional vendor financing plans as well.

Another financing benefit: cash flow. “Sometimes members tell me they have strong cash flow, and ask why they would need to use BSF,” Moore noted. “I return the question and ask, ‘Why wouldn’t you?’ Taking advantage of extended terms further strengthens their cash flow — and good cash flow is key during record growth years and provides peace of mind during challenging times.”

BrandSource, a unit of YSN publisher AVB Inc., is a nationwide buying group for independent appliance, mattress, furniture and CE dealers.