Commercial Distribution Finance Announces Financing Extension for Powersports Manufacturer, Polaris Industries Inc.
December 8, 2015 | By Business Wire News
CHICAGO
Commercial Distribution Finance (CDF), a business of GE Capital, announced today it has renewed its joint venture in the U.S. and extended the term of the Canadian program with Polaris Industries (NYSE: PII), a global sales leader in the powersports industry, through 2022. The terms of the extensions are consistent with the prior agreements and will be used to continue to support wholesale floor plan financing of high quality off-road vehicles including the Polaris RANGER®, Victory®, RZR®, Slingshot®, and Indian® brands.
Headquartered in Minneapolis, Minnesota, Polaris designs, engineers, manufactures and markets off road vehicles including all-terrain vehicles (ATVs), side-by-side vehicles, snowmobiles, motorcycles and on-road electric and hybrid powered vehicles. As Polaris’s preferred-dealer financing provider, CDF will be supporting more than 1,700 dealerships across North America.
“For nearly 20 years, this mutually successful partnership has provided a valuable source of wholesale floor plan financing along with high-quality service to Polaris dealers,” remarked Polaris Chairman and Chief Executive Officer Scott W. Wine. “This extension signals our commitment to offer a source of continued dealer financing stability through 2022. In the interim, our partner, CDF, will transition to new ownership under Wells Fargo, a move that they expect to close in the first quarter of 2016. PA will remain a competitive tool in our offering to dealers, while supporting Polaris’s working capital, liquidity, and balance sheet strength.”
“We look forward to continuing our relationship with Polaris,” said Steve Battreall, president and CEO of CDF. “We are dedicated to providing their North American dealers with flexible financing solutions and excellent customer service in order to help them continue to grow today and in the years ahead.”
About GE Capital, Commercial Distribution Finance
Commercial Distribution Finance (CDF) provided $46 billion in financing for more than 40,000 dealers and more than 2,000 distributors and manufacturers globally in 2014. CDF operates in 60 countries and provides inventory financing solutions, service and intelligence through in-depth industry expertise and commitment. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, and related financial products. On October 13, 2015, Wells Fargo agreed to acquire CDF from GE Capital as part of a larger transaction which is expected to close in the first quarter of 2016. For more information, visit www.gecdf.com or follow company news via Twitter (GEInventoryFin)
About Polaris
Polaris is a recognized leader in the powersports industry with annual 2014 sales of $4.5 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER® and RZR® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.
Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory® and Indian Motorcycle® and Slingshot® brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. Polaris enhances the riding experience with a complete line of Polaris Engineered Parts, Accessories and Apparel, Klim branded apparel and ORV accessories under the Kolpin®, Cycle Country® and Pro Armor® brands.
Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index. Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.
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GE Capital
Ned Reynolds, 203-840-5075
Ned.Reynolds@ge.com
or
Polaris Industries Inc.
Kelly Basgen, 763-519-1740
Kelly.basgen@polaris.com
