GE Capital Adds Powersports OEM Partner

NYevent-2014-1Redditch, U.K.-based motorcycle manufacturer Royal Enfield partnered with GE Capital to offer floorplan financing for North American dealers effective Jan. 1, the company announced on Monday.

The manufacturer returned to the U.S. market in August, establishing headquarters in Milwaukee, Wis., and the partnership with GE is another step toward increasing brand awareness in the U.S. The company aims to contract more than 100 dealers by the end of the next year, with a younger rider segment in mind.

Royal Enfield has roots dating back to 1901, Jeremy Jansen, president of the motorsports group at GE Capital division Commercial Distribution Finance (CDF), told AFN. “We are excited about the opportunity to assist them with their growth goals in the midsize motorcycle market.” CDF provides financing for preowned, inventory, and auctions in the motorsports segment.

On the heels of a 12% increase in dealer financing volume through June, CDF said it expects additional growth into 2016. “Industry growth is coming from a steadily improving economy and from innovative product offerings from our manufacturing partners, attracting new riders,” Jansen said in July.

This story originally appeared in Auto Finance News Update. Subscribe to receive more exclusive stories in your inbox.  

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