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JACKSON CENTER, Ohio - Recreational vehicle and bus manufacturer Thor Industries Inc. said Monday that it is restarting its credit arm to help provide customers with retail financing for RV purchases.
The Thor Credit unit will offer financing for new Thor recreational vehicles and used RVs.
Sales of RVs have been hurt by higher fuel costs and the deteriorating U.S. economy, factors that have cut demand for the big vehicles.
In May, General Electric Co.'s financing unit GE Money said it would cut ties with Thor Credit.
"Thor's RV customers and dealers need to have retail credit and Thor is working to fill this need," said Wade F. B. Thompson, Thor's chairman.
The company plans to restart the business under the leadership of some of its former executives in the coming weeks.
Shares of Thor dropped 55 cents, or 3.3 percent, to $16.19 in afternoon trading.
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