(via Thenewswire.ca)
Red Deer, Alberta / TheNewswire / April 1, 2015 - Rifco Inc. (TSXV: RFC) is pleased to announce that its wholly owned subsidiary Rifco National Auto Finance will launch into a new market that has not been explored by any other auto lender. The decision to finance children's rechargeable leisure vehicles came after extensive research and strong demand.
Chief Executive Officer, Bill Graham explains that over his 12 years with Rifco, he sees this pattern every year. "Many of the clients, that we provide financing to, have children. About 80% of that clientele are asking us about financing options for their children's leisure rechargeable vehicles before Christmas. We hear this every year, and we knew there was a demand for this".
The toy industry is an $84 billion dollar market, with the average Canadian spending around $1,000 on toys per child a year.
It was a natural fit for Rifco to finance electric powered toy cars. Although this is a niche market, Rifco National Auto Finance prides itself on being different. Rifco is excited about providing an opportunity for all 8 year olds to own such a vehicle. Over a 60 month term, children could enjoy a monthly payment as low as $10.62.
The release of Rifco's Children Leisure Vehicle finance program will only be available in certain test markets, and if the program sees success, Rifco hopes to launch it nationwide in time for the Christmas rush.
About Rifco
Rifco Inc. operates through its wholly owned subsidiary Rifco National Auto Finance Corporation in order to provide automobile loans through its dealership network across Canada.
Rifco National Auto Finance provides consumers with financing options on new and used vehicles. Rifco specializes in building long-term partnerships with dealers by investing time in personalized services through dedicated account representatives. Rifco's quick credit decisions, common sense lending, and expedited funding processes give its dealers better financing options and more closed deals. Rifco's most successful partnerships result in Fast Forward 500 Club status for its loyal dealerships.
Rifco is committed to continuing growth. Key strategies for achieving this growth include the expansion of its automobile dealer base and excellence in credit and collections processes.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol "RFC". There are 21.23 million shares (basic) outstanding and 22.70 million (fully diluted) shares.
CONTACT:
Rifco Inc.
Lance A. Kadatz
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007
Fax: 1-403-314-1132
Email: kadatz@rifco.net
Website: www.rifco.net
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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