JCB and CIT Equipment Financing, an operating group of CIT, have announced an agreement to form a joint venture financing company to finance JCB’s construction equipment customers in the US. The agreement is subject to regulatory approval.

According to the agreement, JCB Inc. and CIT will form a finance company to provide retail finance and vendor support for JCB’s equipment dealers throughout the US, including financing of new and used equipment.

"In North America today, financing is the number one tool for equipment purchases," said Mike Chapman, president of JCB Inc. "JCB is delighted to be associated with CIT as it now provides us the opportunity to maximize their resources as the largest construction financing company in the US and meet the financing needs of our customers."

"JCB has been a prominent and innovative name in construction equipment manufacturing since it was formed in 1945 in England. Today, JCB is the top construction equipment manufacturer in Europe," said John D. Burr, President of CIT’s North American Construction and Transportation Division. "We are honored to be associated with JCB and we’re confident that our financial engineering experience will be able to provide JCB’s American customers with innovative financing programs that will allow them to acquire and lease the equipment they need at the right time and under the most competitive terms."