Sheffield Financial, a division of Branch Banking and Trust Company, and Polaris Sales Inc., a subsidiary of Polaris Industries Inc. (NYSE: PII), have agreed to a five-year extension of their retail-financing contract, effective Jan. 1, 2016.
The agreement allows Sheffield to continue providing lending services to Polaris customers through the Polaris dealer network. The contract covers installment financing for Polaris' all-terrain vehicles (ATVs), Polaris Ranger and RZR side-by-side vehicles; snowmobiles; Victory, Indian Motorcycle, and Slingshot roadsters; and Global Electric Motorcars (GEM) on-road electric/hybrid powered vehicles.
"Sheffield has proven their ability to handle our customers' financing needs while offering exceptional service to our dealer network. Extending our relationship reinforces our commitment to have competitive retail financing available to our dealers to help support our collective growth plans," said Michael T. Speetzen, executive vice president and chief financial officer for Polaris.
"We are extremely pleased with the confidence Polaris has placed in us to offer financing products to its customers," said Jack Snow, Sheffield Financial president. "It's an honor to continue expanding our presence in the power sports industry with such a strong partner and proven market leader."
Sheffield, founded in 1992, is well acquainted with Polaris' customer base and dealer network. The company signed its first contract with Polaris in February 2009 to provide installment loans to its customers. Since then, Sheffield has increased its market share significantly due to a proven track record with Polaris dealers and customers.