Powersports Business today announced that Synchrony Financial, (NYSE: SYF), a premier consumer financial services company with 80 years of retail heritage and financing provider to Powersports manufacturers and consumer enthusiasts throughout the United States, has been named a sponsor of the 2016 Power 50 dealer awards program. The Power 50, the only program of its kind in the industry, annually selects the 50 most outstanding powersports dealerships in North America.
With decades in the industry, Synchrony Financial continues to be a provider of retail financing and insights for thousands of dealerships nationwide. A third-party study* conducted for Synchrony Financial in 2014 explores the path to purchase of powersports customers and underscores the importance of financing, finding 76 percent of survey respondents who used dealer financing say it helps make large purchases more affordable and more than half would not have made the purchase or gone to another retailer if financing had not been available.
“We are highly appreciative of the longtime partnership we at Powersports Business have had with Synchrony Financial, and their commitment to the Power 50 program will help us take the event to a new level as we strive to inspire success at the dealership level,” said Powersports Business editor in chief Dave McMahon, who also manages the Power 50 program. “Retail financing can make or break a sale, and with the support of Synchrony Financial, dealerships are completing the sales process and turning more inventory.”
“The availability of financing is important for the growth of our Powersports partners and for consumers at every stage of the purchase process,” said Glenn Marino, executive vice president and CEO, Payment Solutions, Synchrony Financial. “From research and consideration to purchase and upgrades, our programs can give powersports enthusiasts more buying power to purchase the vehicle they really want.”
Power 50 winners will be announced at the Power 50 Awards Dinner held in October during the American International Motorcycle Expo (AIMExpo) in Orlando. Among the highlights of the celebration is the announcement of the Top 5 dealers in North America, including the No. 1 dealer. In addition, awards are presented to dealers in a variety of Best in Class categories. Power 50 dealers also receive promotion via advertisements placed in Powersports Business and in sister publications Rider and Thunder Press.
* Synchrony Financial’s 2014 Powersports Path to Purchase Consumer Study was conducted by a third-party, and surveyed consumers ages 21 and older who made a $500+ purchase in the past six months, or planned to make such a purchase, in the powersports category.