Synchrony Financial (NYSE:SYF), a premier consumer financial services company with 80 years of retail heritage, 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 percent of survey respondents who have used dealer financing saying it helps make large purchases more affordable, and 52 percent saying they would not have made the purchase, or gone to another retailer, had financing not been available.2
“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.”
1- Subject to terms and conditions.
2- Conducted 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.