Citi’s new partnership with BRP will include a private-label credit card and support for a new online dealer portal, which will provide authorized BRP dealers with a streamlined experience for new applications and transactions, according to a company release. Additionally, authorized BRP dealers will have access to expertise and solutions for providing information to cardholders on all the latest offerings.
Roadrunner, for its part, will provide near-prime and subprime financing.
Both partnerships will complement BRP’s existing agreement with Sheffield Financial, according to a company press release.
“Together, Citi, Roadrunner, and Sheffield deliver complementary retail financing services, giving consumers even more options when purchasing BRP products,” Bernard Guy, BRP’s regional vice president of sales in North America, said in the release. “We believe that these agreements improve the value proposition we offer our North American dealers and further support both dealer and BRP growth.”
The new financing options were offered to dealers this past Monday, according to the release.
BRP reported its U.S. year-over-year outstandings were up 11% to $744 million through Jan. 31, 2016, between the company’s third-party finance companies and independent dealers and distributors, according to the OEM’s fiscal year fourth-quarter earnings report.
The off-road vehicle manufacturer’s third-party financiers “improve the company’s working capital” and allow for “an earlier collection of accounts receivable” from its independent distributors and dealers, according to the report.
BRP is not the only manufacturer to partner with Citi. Just last month, Kawasaki Motors Corp. USA announced a multi-year agreement with the revolving credit provider. Kawasaki’s program with Citi begins Feb. 1, directly following the expiration of its current revolving credit program with Capital One Financial Corp.
Polaris Industries Inc. is the only OEM formerly partnered with Capital One that has not announced their plans for a revolving credit program or partnership yet.
Valcourt, Quebec-based BRP’s products are distributed by more than 4,200 dealers and distributors in over 100 countries. BRP added 105 dealers to its North American dealer network in 2015.