LOS ANGELES-- Panoz Automotive Development Co., which makes the Esperante sports car, has signed a deal with Primus Financial Services to provide its dealers with factory-supported financing.
It marks the first time that Panoz, of Hoschton, Ga., has created programs to help its dealers sell vehicles.
The Esperante has three models: the base, the GT and the GTLM. Each produces a range 320 hp to 400 hp. The base price is $90,450, including $1,500 destination fee.
The first program starts Friday. It provides dealers with a $3,000 cash incentive for each 2001, 2002, or 2003 Esperante coupe or convertible sold through March 31, or allows customers to qualify for 0 percent financing for 24- to 36-month terms, or 1.9 percent financing for 37- to 48-month terms.
Phil Nome, 60, a partner in Panoz Auto Marketing Co., says the company wants to increase its number of dealerships from 40 to about 60. He says Panoz hopes to increase sales from 100 units in 2003 to 300 units in 2004.
Nome says he believes factory-supported financing is a way to accomplish that goal.
We think it will be easier to get quality dealers if we can provide marketing support for them, Nome said. Thats the advantage of the Primus program.
Nome, who retired from Ford Motor Co. in 2000 as director of marketing services, joined Panoz last March. He said the company will be aggressively recruiting dealers at the National Automobile Dealers Association conference in Las Vegas on Saturday through Tuesday.
He saidthe company for the first time also will offer leases on 2003 and 2004 models. Currently each dealership has its own private financing arrangements.
Of the 40 Panoz dealers, there are 35 in the United States, two in Canada, two in Mexico and one in England. Almost all are teamed with other exotic brands.