CIT drives into Canada with Ryder System

Logistics specialist Ryder System has struck a deal with CIT Group to extend its existing US preferred lender agreement to include its customers in Canada who are looking to buy pre-owned vehicles.

Ryder System, which is a leader in the commercial fleet management, dedicated transportation and supply chain solutions market, already has a partnership with CIT through its Direct Capital Corporation subsidiary covering Ryder pre-owned vehicle sales centers across the US.

“We are pleased to extend the benefits of this partnership to Canadian businesses looking for the best rates and more financing options for quality pre-owned vehicles,” stated Michael Cagney, director asset management Ryder Canada. “Offering our customers the convenience of a true, one-stop resource is a key initiative for Ryder. With this agreement, our customers can take advantage of financing options that will help their businesses grow, while reducing financing costs.”

Customers across Canada can choose from Ryder’s selection of pre-owned cab and chassis trucks, including diesel-powered straight truck models with a full range of payload capacities. Ryder says it is selling more than 17,000 vehicles a year from over 59 used truck centers across North America, including seven in Canada

Blake Macaskill, managing director of CIT Canada, said, “We are excited to be developing and expanding our partnership with Ryder Canada. One of the many benefits of the CIT acquisition of Direct Capital is the ability to offer our partners consistent financing programs in both Canada and the US.”