With new tax benefits announced in the new Federal Stimulus Package that allow equipment buyers to take significant deductions on 2009 purchases, Gulf sees great opportunities to help its network remain efficient [image-nocss] and decrease operating costs, it said.
Finance programs for new equipment purchases will also allow Gulf distributors and dealers to comply with point-of-sale (POS) and payment card industry (PCI) data requirements. Such a program will also ensure that they have cutting-edge equipment to help increase sales and promote the Gulf image, and have access to capital to expand their business through additional profit centers, such as franchise-food and car washes.
"Our distributors and dealers continue to navigate a challenging financial environment, and they require flexible financing programs so they can operate efficiently and maximize every dollar," said Gulf Oil president and chief operating officer Ron Sabia.
"We anticipate our access to capital, competitive pricing, flexible structures, and outstanding customer service will help Gulf in its commitment to continuously find new and better ways to serve its network," said Chris Santy, managing director of Patriot Capital.
As a full-service lender, Atlanta-based Patriot Capital has originated and funded more than $300 million in retail petroleum equipment, car washes and other equipment since its inception in 2000.
Gulf Oil, based in Framingham, Mass., is one of the Northeast's largest wholesalers of refined petroleum products. It distributes motor fuels through a network of more than 2,400 Gulf-branded gasoline retail centers, 12 proprietary oil terminals and a network of more than 50 other supply terminals. Gulf Oil supplies heating oil, diesel fuel, jet fuel and kerosene to these branded retail outlets through its Gulf Oil brand. Through its unbranded subsidiary, Great Island Energy, Gulf Oil also supplies petroleum products as well as risk management and financial services to industrial, commercial and independent retail firms.
[Editor's Note: For more on the issue of PCI compliance and upcoming deadlines,look for the August issue of CSP magazine.]
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.