Synchrony and Polaris Expand Financing for Powersports Vehicles
Synchrony and Polaris are making it easier for consumers to finance on-and off-road vehicles and snowmobiles. This week, they announced a multi-year renewal and expansion of their program to provide financing for powersports products.
Polaris manufactures off-road vehicles, including the Polaris Ranger and RZR, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles. It has been working with Synchrony Financial to provide financing for motorcycles since 2006. This new agreement will allow qualified buyers special financing options and exclusive offers for nearly all Polars’ products.
“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.”
Synchrony Financial conducted a study in 2014 about what motivates powersports customers. While many choose a product based on quality and trust, financing also plays a major role. 76% of the respondents said it is important to have dealer financing to help make large purchases more affordable. For those who bought a powersports vehicle, 52% said they would not have made the purchase if financing had 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.”