January 5, 2016, 9:00 AM EST
Synchrony Financial and Polaris Expand Powersports Consumer Financing Program
Consumers now have financing options for on- and off-road vehicles and snowmobiles
STAMFORD, Conn. & MINNEAPOLIS
Public Company Information:
STAMFORD, Conn. & MINNEAPOLIS--(BUSINESS WIRE)--Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, today announced a multi-year renewal and expansion of its program to provide consumer financing for Polaris powersports products.
Polaris is a leading manufacturer of off-road vehicles, including all-terrain vehicles and the Polaris RANGER® and RZR® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.
Synchrony Financial has provided financing for Polaris motorcycles since 2006. Qualifying buyers will now have access to special financing options and exclusive offers1 for nearly all of Polaris’ products through their more than 1,500 dealers in the United States.
“The availability of financing is important for consumers making major purchases and for the continued growth of our Powersports partners,” said Glenn Marino, executive vice president and CEO, Payment Solutions, Synchrony Financial. “Polaris’ powersports enthusiasts now have more flexibility to purchase the vehicle they want through new financing options.”
A 2014 study commissioned by Synchrony Financial of powersports customers explores the path to purchase and shows that, while value is important, the majority of shoppers choose a brand based on quality and trust. It also confirmed the importance of financing, with 76% of survey respondents who have used dealer financing saying it helps make large purchases more affordable, and 52% saying they would not have made the purchase, or gone to another retailer, had financing not been available.
“We’re pleased to expand our relationship with Synchrony Financial due to their deep experience and insights into customer trends in the powersports industry,” said Michael T. Speetzen, executive vice president and CFO, Polaris Industries Inc. “They clearly understand our customers and know how to provide the right financing for them to get the vehicles they want and need.”
1Subject to terms and conditions.
2Conducted by a third party, the Synchrony Financial 2014 Powersports Consumer Study explores the customer path to purchase and surveyed consumers who had either made, or planned to make, a $500+ purchase of a motorcycle, all-terrain or utility terrain vehicle, or personal watercraft within six months.
Polaris is a recognized leader in the powersports industry with annual 2014 sales of $4.5 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road consumer and military vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® and RZR® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles. Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory® and Indian Motorcycle® and Slingshot® brands. Additionally, Polaris continues to invest in the global Work and Transportation vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris Engineered Parts, Accessories and Apparel, Klim® branded apparel and ORV accessories under the Kolpin,® Cycle Country® and Pro Armor® brands. Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index. Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.
About Synchrony Financial
Synchrony Financial (NYSE: SYF) is one of the nation’s premier consumer financial services companies. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables.* We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ over 300,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Synchrony Financial (formerly GE Capital Retail Finance) offers private label and co-branded Dual Card™ credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com, facebook.com/SynchronyFinancial and twitter.com/SYFNews.
*Source: The Nilson Report (April, 2015, Issue # 1062) - based on 2014 data.
©2016 Synchrony Bank/Synchrony Financial, All rights reserved.
For Synchrony Financial
Marlys Knutson, 763-542-0533