Houston-based Mahindra Finance USA is offering ROXOR dealers ‘one-stop’ floorplan and retail financing solutions. Mahindra is launching several programs to encourage dealers and retail customers to choose Mahindra Finance — giving both seamless access to industry-leading products and services. The program began in October 2018 and to date over half the dealers have already signed on.
“Wells Fargo has been a great partner for us” said Luc de Gaspe Beaubien, VP of Mahindra Vehicles Sales and Service. “We signed over 300 top powersports dealers in less than 90 days last year and we couldn’t have done it without Wells Fargo. But our dealers are always looking to streamline their operations and to be able to offer a one-stop solution for wholesale and retail financing will help us collectively optimize our business. And, with Mahindra Finance, we can offer easy financing for the options and accessories our customers are adding to their ROXORs. Mahindra has signed 397 dealers to date across the U.S. and Canada.
ROXOR is an off-road only vehicle manufactured in the Detroit area by Mahindra Automotive North America. Mumbai, India-based Mahindra has been making rugged utility vehicles and trucks dating back to 1947 when it was granted a contract by Willys Overland to manufacture vehicles.
“As we approach the one-year mark for ROXOR, it’s an excellent time to take stock of where we are with the business” said Rick Haas, President & CEO, Mahindra Automotive North America. “Being part of the Mahindra Group of Companies, Mahindra Finance knows us well — and they know the market, too — having been instrumental in growing our 25-year old U.S. tractor business. Consolidating lending with Mahindra Finance will bring efficiencies inside the company but more importantly it gives our dealers and customers a one-stop set of solutions that they can have confidence in."
The shift-to-Mahindra Finance plan is targeted to be completed by June 7, but Mahindra expects to have most dealers offering Mahindra Finance retail programs by March 1. Mahindra will continue to offer financing programs from other lenders.
Mahindra Finance USA is the primary financier of Mahindra’s U.S. based companies. With over $1 billion portfolio and 100,000 Mahindra customers across the U.S., Mahindra Finance USA is committed to dealers and customers in the powersports industry.
“We are very excited about the opportunity to partner with Mahindra Automotive North America and help bring the ROXOR brand to market across the U.S.” said Kevin O’Hara, Managing Director, Mahindra Finance USA.
Binoj Mathai, Deputy Managing Director, Mahindra Finance USA added, “As a captive finance company, we can offer a broader array of financing products to MANA, its dealers and end users. Our inventory financing solutions are tailored to the dealer’s unique business needs to help maximize sales opportunities; in addition, our retail financing solutions offer fast credit decisions, competitive rates and terms up to 84 months.”
Mahindra Automotive North America (MANA) is the North American headquarters of the $20.7 billion Mahindra Group’s automotive division.
Mahindra Finance USA is a joint venture between Mahindra and Mahindra Financial Services Limited (MMFSL), Mahindra Group’s financial services company headquartered in Mumbai, India, and De Lage Landen Financial Services, Inc. (DLLFS), a fully-owned subsidiary of the Rabobank Group.