A new retail finance program in the works between powersports manufacturer Polaris Industries Inc. and FreedomRoad Financial will provide the OEM’s dealers with more trade-in opportunities, according to documents obtained by Powersports Finance.
“We’ve got a trade-in allowance to help us compete with Harley-Davidson Inc. to some extent, in terms of being able to support the used-bike market,” said Mike Speetzen, chief financial officer of Polaris, during the company’s July 25 Analyst and Investor Day meeting.
Performance Finance, as the retail unit will be called, should give Polaris “a pretty strong competitive advantage,” he added.
The consumer finance program — slated for a Sept. 1 launch — will be offered for new and used Victory and Indian motorcycles and for Slingshot vehicles, as well as for all other brands of used motorcycles from authorized Polaris dealers, according to the documents.
“We’re essentially going to have the capability to deal with that used-bike market more effectively,” Speetzen said at the meeting.
Medina, Minn.-based Polaris will have a “dedicated team” at Performance Finance’s operation center in Reno, Nev., he said, which is where FreedomRoad Financial’s headquarters is located.