Pep Boys Revs Up Supply Chain Finance Offering with PrimeRevenue Multiple-Funder Solution Provides Suppliers Faster Payment
ATLANTA, Sep 08, 2009 (BUSINESS WIRE) -- The Pep Boys -- Manny, Moe & Jack /quotes/comstock/13*!pby/quotes/nls/pby (PBY 9.84, +0.54, +5.81%) , the nation's leading automotive aftermarket service and retail chain, announced the deployment of PrimeRevenue's Supply Chain Finance ("SCF") platform to bolster its working capital strategy and deliver increased shareholder value.
The program is live and in production with select suppliers in the United States, with funding available through Bank of America Merrill Lynch and Wells Fargo HSBC Trade Bank and is being expanded into Canada. By virtue of the program, Pep Boys suppliers on the SCF Platform gain online visibility into Pep Boys payments that are due to them. The SCF Platform also provides suppliers enhanced on-demand receivables financing through an early payment facility.
"Pep Boys has always seen the importance of managing working capital closely, and this has never been truer for us and our suppliers than in today's challenging automotive environment," said Vice President -- Finance and Treasurer of Pep Boys, Bernie McElroy. "The PrimeRevenue SCF Platform helps Pep Boys achieve working capital objectives while giving our suppliers access to industry-leading technology that provides a valuable line of sight into their Pep Boys receivables and the ability to accelerate payment, on demand."
PJ Bain, PrimeRevenue CEO, said, "Pep Boys represents another in a series of innovative world-class companies that deploy PrimeRevenue's Supply Chain Finance Platform to optimize financial flows in their supply chain, for their own benefit and that of their suppliers. Importantly, the multi-funder capabilities of the PrimeRevenue SCF Platform assures Pep Boys that liquidity for its program is available from multiple funding providers as its program evolves