The multi-year renewal will expand consumer financing options and exclusive offers for Kawasaki’s powersports products, which include motorcycles, ATVs, side-by-sides, and jet-skis, through the OEM’s network of 1,100 independent dealers, according to a company press release.
“This renewal reinforces our leadership in the powersports industry and our continued work with leading manufacturers and dealers to provide a seamless and efficient financing experience,” Glenn Marino, Synchrony’s executive vice president and chief executive of payment solutions, said in the release.
Synchrony entered into a season of renewals, beginning last year, as many of its OEM partnerships closed in on their expiration. KTM North America, for example, is one of Synchrony’s OEM relationships likely next on the renewal list. The OEM has a partnership with Synchrony dating back to 2002, and last resigned with Synchrony in January 2013, according to a company press release.
This year, Synchrony renewed agreements with Polaris Industries Inc. in January, and Suzuki Motor of America in May. Additionally, Synchrony extended its partnership with Yamaha Motor Corp. in March 2015, and Kymco in February 2015.
“Synchrony is actively investing in powersports through two primary channels,” said Keith Mait, Synchrony’s vice president of powersports. “The first is strengthening our partnerships with our existing OEM customers and their dealer networks,” and the second “is through selective growth within our powersports portfolio,” he told Powersports Finance in July.
Synchrony seeks to align with manufacturers with “an exciting product portfolio, a strong consumer culture, and a desire to work with a partner that can help them accelerate their growth,” he said. “We regularly engage in dialogue with manufacturers that fit that profile and hope to add them to our powersports team when the opportunity presents itself.”
Stamford, Conn.-based Synchrony Financial makes loans for more than 1,000 dealers in 50 states.
Synchrony’s Mait will sit down for a fireside chat at PowerSports Finance 2016, on Oct. 5 at the Bellagio Las Vegas. The agenda consists of eight sessions. For more information, visit www.go.powersportsfinance.com, or click here to register.