MINNEAPOLIS--(BUSINESS WIRE)--
Polaris Industries Inc. (NYSE:PII) today announced a renewal of its U.S.
joint venture with Commercial Distribution Finance (CDF), a business of
GE Capital, through 2022. The terms of the extension are consistent with
the prior agreement. The joint venture, Polaris Acceptance (PA), was
formed in 1996 and the current agreement was to expire in February of
2017. In addition, Polaris has extended the term of its Canadian dealer
financing arrangement with CDF through 2022.
"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 are honored to continue 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.”
Currently more than 1,700 dealers participate in the programs across
North America, often with multiple Polaris brands in their dealerships.
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 consumer and military 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 Work and Transportation 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
About 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 that is expected to close in the first
quarter of 2016. For more information, visit gecdf.com
or follow company news via Twitter
(GEInventoryFin).
View source version on businesswire.com: http://www.businesswire.com/news/home/20151207006530/en/
Source: Polaris Industries Inc.