With in-house financing from BrandSource Financial and turnkey support from Great Lakes, hot tubs can be a hot item for members.
Partnership puts big-ticket tubs within members’ reach
By Janet Weyandt, YSN
Great Lakes Hot Tubs has added a new reason for independent retailers to consider carrying hot tubs: It’s now on BrandSource Financial’s roster of suppliers.
The company, based in South Jordan, Utah, has been a BrandSource member for five years, but only discovered BSF at the 2024 Convention in August, said Managing Director Nigel Paskinov.
“I didn’t even know this was offered ’til I walked past the booth,” Paskinov said. “On big-ticket items like hot tubs, this is perfect. I was not even aware BSF was available. We’ve had dealers asking us in the past for financing options.”
Chris Moore, BSF general manager, said the new partnership will make it easier for BrandSource members to add hot tubs to their assortments.
“Members financing hot tub purchases with BSF get the advantage of extended terms, rather than paying the vendor direct in 15 or 30 days,” Moore said. “Whether a small business owner or Power-level dealer, extended terms help with cash flow. When you also consider the half-a-point annual cash distribution dividend (ACD), it is a win-win for our members.”
Hot tubs, which sell in the $10,000 range, offer margins between 30% and 50%, Paskinov said.
They might seem a bit of a stretch for independent appliance and furniture dealers, but because of the way Great Lakes Hot Tubs has standardized the process, from selection to drop-ship delivery, it doesn’t have to be, he said.
“We’re going to put everything they want in one style, sitting in stock and ready to go for immediate fulfillment,” Paskinov said. “It’s a high-value item, where if you customize it would cost a lot, but because we standardize it you get all the features in there you don’t have to sacrifice for.”
YSN publisher AVB BrandSource is the nation’s largest merchandising and marketing co-op for independent appliance, mattress, furniture and CE dealers.
