Kawasaki Motors Corp. USA is on the verge of announcing a revolving credit partnership, following the official expiration of its current partnership with Capital One Financial Corp., according to an internal dealer memo sent to Powersports Finance yesterday.
The last day Capital One will accept any new applications for its current program — Kawasaki Good Times Credit Card — will be Jan. 31, and the last day the bank will authorize additional purchases on existing accounts is April 30, according to the memo. The last day for settlement is May 31.
CapOne will be contacting all Kawasaki dealers and existing customers “shortly” with more details and information, Bill Jenkins, the OEM’s senior vice president of sales operations, said in the memo.
Kawasaki also informed its dealers that they can “finally” expect an announcement “very soon” regarding an all new Kawasaki revolving credit program powered by a “nationally recognized vendor with vast consumer retail finance expertise,” Jenkins said.
With the exception of Yamaha Motor Finance Corp.’s announcement of its Yamaha credit card program on Nov. 1, no lender had thrown its proverbial hat into the ring. However, it seems Citigroup Inc. and GreenSky Credit may be in the strongest position to enter the space. Both companies have powersports-related job positions listed on various online job boards.
Citi, for example, had four listings in August for field sales representative positions, specifically for powersports dealers. The job listings stated that candidates would work with Citi Retail Services — Citigroup’s subsidiary that provides private-label and co-branded credit cards — to develop and manage dealer relationships, according to the company’s website.
Currently, the bank has a position listed on Glassdoor for a retail services head of risk position for a powersports/secured card, according to the listing. “This role serves as the in-business risk manager for the powersports lending program and portfolio,” the listing says, with risk responsibilities for “multiple partner/OEM relationships utilizing the secured, open-end revolving credit card product.”
Additionally, GreenSky has a job opportunity listed on LinkedIn for a powersports senior director of operations. Atlanta, Ga.-based GreenSky operates as a third-party service provider and program administrator for banks that provide consumer loans. It helps businesses to offer credit to their customers.