American Honda Motor Co., in partnership with Citi Retail Services, launched the Honda Powersports Revolving Finance Program, along with several dealer incentives, according to a document shared with Powersports Finance.
Honda and Citi will offer “fully integrated marketing programs,” special financing for up to 72-month terms, an exclusive rebate offer on new vehicle purchases for the customer and dealer, and comprehensive dealer training, according to the document.
Once dealers enroll for the program, they will receive a welcome kit with full program details, including special launch offers to help drive sales, Chuck Miller, national sales manager of Honda’s motorcycle division, said in the document.
The special launch incentives for dealers include include:
- Earn $100 for every vehicle purchased with the Honda Powersports Credit Card, for up to 10 vehicles per month.
- Citi will waive the merchant discount rate — the rate charged to a merchant by a bank for providing debit and credit card services — on non-vehicle transactions.
- Receive a free Bose SoundLink Color Bluetooth Speaker II upon enrolling in the program, attending the Honda webinar training, and submitting a customer application before Oct. 31.
The special launch incentives for customers include:
- Earn $100 for every vehicle purchased with the Honda Powersports Credit Card, now through Oct. 31.
- Get $50 back by rebate for non-vehicle purchases, now through Oct. 31.
- Receive six and 12-month financing on non-vehicle purchases, valid any day.
Honda is the first OEM to partner with Citi that was not formerly partnered with Capital One Financial Corp. — before the bank exited the powersports space.
BRP Inc. teamed up with Citi in January, and Kawasaki Motors Corp. USA announced a multi-year agreement with the revolving credit provider in December of last year. Additionally, Yamaha Motor Corp. USA — which was also one of Capital One’s former partners — launched its own Yamaha Credit Card program through its captive Yamaha Motor Finance Corp. in October of last year.
Polaris Industries Inc. is the only OEM formerly partnered with Capital One that has not announced its plans for a revolving credit program or partnership yet.
Honda and Citi did not respond for comment.