Ryder System has formed Ryder Capital Services, a capital finance subsidiary. The new unit will initially provide internal financing products and services but longer-term plans include financial products and services solutions for Ryder clients, suppliers and vendors.
Among RCS offerings will be leasing, new and used equipment financing, working capital lending (receivables and inventory), hedging risk management tools, insurance products and real estate financing.
The company says RCS will not necessarily build internal capabilities to provide all of the financial products and services. Instead, it will continue to seek strategic venture partners with proven capabilities in areas such as hedging tools and real estate lending. RCS will be part of Ryder's finance function, headed by CFO C.J. Nelson.
Complementing RCS, Ryder will create a new Asset Management Group with company-wide responsibility for the company's vehicle, real estate and other assets. Dwight Denny has been named executive vice president of the group.