Citi Retail Services, a prominent revolving credit provider in the powersports space, saw a 4% year-over-year increase in its end-of-period loan balance to $49.2 billion, the company reported in fourth-quarter earnings yesterday.
The company also reported an uptick in losses across its diversified portfolio, with an 11% rise in loans 90 days or more past due to $845 million as compared to the same time a year prior. Loans 30 to 89 days past due rose 7% year-over-year to $830 million.
Last July, Citi inked a deal with American Honda Motor Corp. to provide a private-label credit card program to Honda’s powersports dealer network nationwide. Additionally, 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.
Citi Retail Services is on the lookout for other partners across the powersports industry, Leslie McNamara, the company’s managing director and executive vice president of business and market development, told Powersports Finance in July.
“We are regularly evaluating new partners and are engaged in conversations with various players across the powersports industry,” McNamara said. “At the same time, we are pursuing creative ways to help our existing partners increase their sales and build customer loyalty. This is a growing industry, where we offer extensive expertise and ultimately add value for our partners.”
Citi serves nearly 90 million accounts for a number of brands including Best Buy, ExxonMobil, Sears, and Macy’s. The company did not break out specific powersports numbers in earnings.