Monarch Tractor, CNH Industrial Capital announce financial-services arrangement
Monarch Tractor has announced a new financial services agreement with CNH Industrial Capital America, the finance arm of CNH Industrial America. As a result of the new arrangement, reports Monarch, it will be able to leverage CNH Industrial Capital’s expertise in the agricultural-equipment financing sector within the CNH Industrial dealer network.
“CNH Industrial Capital will support dealers in floor-planning and in delivering the new Monarch Tractors to their customers, while acquiring knowledge in the electric equipment market, which is expected to grow in importance in the future, including with the introduction of electric equipment by CNH Industrial brands,” says Doug MacLeod, president of CNH Industrial Capital, North America.
Donald Stewart, senior vice president of financing for Monarch Tractor, adds: “Monarch Tractor is transforming the agricultural industry by being the first to market a solution that impacts farmers today. The work we’re doing with CNH Industrial Capital is instrumental in ensuring this solution reaches farmers across the country as soon as possible.”
Monarch Tractor also recently announced the start of production of its Monarch MK-V tractor from Foxconn’s facility in Ohio. This comes following a contract manufacturing agreement the two entities signed in June 2022 to build Monarch Tractor’s equipment and battery packs. The production will fuel support to Monarch Tractor’s growing dealer network and demand to fill current backlogs, the company reports.
“As Monarch Tractor is currently processing deliveries for Q4 2023, Monarch Tractor welcomes dealers to contact their team as they prepare for their 2024 national rollout,” states the company. “Monarch Tractor is actively fulfilling a backlog of orders. As production continues to run, orders received now can be anticipated in Q4 2023. To become a Monarch Tractor dealer, visit https://www.monarchtractor.com/become-a-dealer.”
CNH Industrial’s family of brands includes Case IH, CASE, New Holland Agriculture and New Holland Construction. The company entered into an exclusive, multi-year licensing agreement for electrification technologies with Monarch in 2021.
