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CapOne Moves to Exit Powersports Industry

canstockphoto15466243After a review of its “partnerships business,” Capital One Financial Corp. has decided to “wind down” its powersports lending “over time,” Alli Sherman, a spokeswoman for Capital One, told Auto Finance News.

Cap One provides financing for Kawasaki Motors Corp., Polaris Industries Inc., and Yamaha Motor Corp. products, among others, according to a published report.

Powersports manufacturer Polaris said in its second-quarter filing with the Securities and Exchange Commission in July that an agreement with Capital One to manage a private-label credit card program under the StarCard label for the purchase of Polaris products would expire in October. Polaris also has an agreement with Capital One to provide consumer financing set to expire in March 2016.

 

Matthew Wood

Matt Wood is the Associate Editor of PowerSports Finance, where he is responsible for covering all the latest news, trends, and innovations with powersports lenders and dealerships. Previously, Matt was a writer for Auto Finance News before switching full-time to PowerSports Finance. He is also an experienced entertainment news writer covering pop culture, movies, and TV shows. Matt received his Bachelor’s degree in Communication from Rowan University in New Jersey.

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