The multi-year agreement will allow qualifying buyers to access promotional installment financing offers through CFMOTO dealers, according to a company press release.
Hangzhou, China-based CFMOTO does business in more than 60 countries and with more than 200 dealerships in the United States. The OEM manufactures on- and off-road powersports products, including ATVs, UTVs, and side-by-side vehicles.
“Synchrony Financial is a leader in the powersports financing industry, and will be instrumental in providing us the insights and the tools to grow sales for our dealers nationwide,” Eric Fan, chief financial officer at CFMOTO, said in the release. “Convenient access to financing will help our dealers close sales and help consumers pursue their powersports passions.”
With regard to a lot of Synchrony Financial’s customers and OEMs, there is “tremendous passion” for products, Keith Mait, Synchrony’s vice president and industry leader of powersports, told attendees at PowerSports Finance 2016. “As an organization, we try and tap into that passion, and do whatever we can to customize a program for them that will help accelerate their sales,” he added.
When it comes to scale in the powersports market, it’s important to work with “those global iconic brands,” Mait said. “We think we have great relationships with the OEM brands that are meaningful to the market today,” he said. “When we think about scale, and how we can potentially grow into new or adjacent markets, we look at what the potential market opportunity may be.”
Stamford, Conn.-based Synchrony Financial makes loans for more than 1,000 dealers in 50 states. The company currently works with nine powersports OEMs.