Mahindra Automotive North America is bringing financing for its Roxor vehicles in-house with Mahindra Finance USA’s first recreational powersports program, the company announced.
Previously, Mahindra Finance only provided support for Mahindra tractors, but it will now be the wholesale and retail provider for Roxor.
Wells Fargo CDF had been providing floorplan financing for Roxors, while Synchrony Financial and Sheffield Financial had been providing retail financing for the UTVs.
The OEM wanted to become a “one-stop shop” for its dealers to offer more streamlined operations, Luc de Gaspe Beaubien, vice president of Mahindra vehicles sales and service, told Powersports Finance.
“One of the main reasons [for bringing the business in-house] is that Mahindra Finance can offer retail [and wholesale financing],” de Gaspe Beaubien said. “You’re not dealing with two separate entities, there’s no paperwork, and there’s no time lag.”
Dealers will still be able to use CDF if they choose, but “we are moving everything to Mahindra Finance as the preferred lender, so the best terms and conditions will come through them,” he added. On the retail side, Mahindra will continue to offer financing programs from the other lenders.
Synchrony declined to comment and Sheffield did not reply by press time.
Houston-based Mahindra Finance USA began offering financing for Roxor vehicles in October 2018, and the OEM has signed on more than half of its 398 dealers to the captive.
However, due to the slower winter buying seasons, joining the captive hasn’t been a priority yet for some dealers, de Gaspe Beaubien said. With new retail promotions launching on March 1, the OEM aims to onboard more dealers so that they can take advantage of the new promotions in time for the spring buying season.
The OEM plans to have all its dealers transitioned to Mahindra Finance by June 7.1 - Reader Likes This Article