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Open Account Credit Terms are Building Sales for West Virginia Company

Exporter/Customer: 
Wheeling Truck Center Inc.
Export Destinations: 
88 countries
EXIM Bank Product: 
Export Credit Insurance
Jobs Created: 
3

Wheeling Truck

Wheeling Truck Center is a full-service Volvo Truck dealer located in Wheeling West Virginia. The company deals with used trucks, new trucks, service and truck parts for all makes of heavy-duty class 8 trucks. Wheeling Truck Center Inc. was founded in 1933 by C.H. Remp, Wheeling is currently owned and managed by the third and fourth generation of the Remp family. The company employs about 20 people, all of whom are located in Wheeling, West Virginia.

EXPORT CHALLENGE

Wheeling's foreign customers and prospective ones as well were requesting credit terms as advance payment was detrimental to their companies' cash flow. On the flip side, Wheeling Truck Center was wary of not being paid as it would adversely affect its cash flow.

EXIM SOLUTION

After learning of EXIM from its commercial service representative, Wheeling first took advantage of the agency’s export credit insurance in 2011. The policy provides nonpayment protection allowing Wheeling to offer open account credit terms to its international customers. Not requiring payment in advance has built trust with Wheeling’s customer and has been a key success factor for the company’s international expansion. Credit terms has also streamlined the transaction process as the buyer is not subject to the delay of letters of credit or sending cash in advance. 

RESULTS

In the business world, Chad Remp, operations manager and director of international sales for Wheeling Truck Center, will tell you that his greatest success has been the company’s expansion from a local dealership to a national and international supplier.

The Wheeling Truck Center has increased its international sales to 25 percent of total company revenue. Since entering foreign markets, Wheeling has filled orders in 88 countries and added three jobs dedicated to international sales. EXIM has covered $1.7 million of the company’s international sales from 2017 to 2019.

"Using the EXIM's export credit insurance has allowed us to offer open accounts to some of our international customers. These open accounts have helped we and our customers increase sales. We plan on expanding the number of customers we offer open accounts with because of EXIM."
Chad Remp, Operations Manager and Director of International Sales