Polaris Industries Inc. reported a 15% year-over-year increase to more than $1 million in volume of revolving and installment credit contracts written in 2015, according to the company’s 2015 Annual Report.
Consumers financed approximately 31% of Polaris’ vehicle sales in 2015 through the company’s combined Capital One revolving retail credit arrangement and its installment retail credit arrangements with Chrome Capital, FreedomRoad Financial, Sheffield, and Synchrony, according to the annual report.
Polaris also reported its floorplan financer Polaris Acceptance (PA) saw a 14% year-over-year increase in wholesale receivables from U.S. dealers, including securitized receivables, from $1.1 billion to $1.3 billion.
PA is a joint venture between Commercial Distribution Finance (CDF) and Polaris Industries Inc. which provides floorplan financing to Polaris dealers. Polaris and CDF announced in late December that the extended partnership will run from February 2017 through 2022.
Credit losses “have been modest,” averaging less than 1% of the PA portfolio, the report said. The amount financed by worldwide dealers under PA was also up 17% year over year from $1.3 billion to $1.5 billion.
Medina, Minn.-based Polaris has also been revving up its portfolio, and recently acquired industrial vehicle provider Taylor-Dunn on March 7, according to a company press release. The acquisition will bring “access to larger-volume resources” and new opportunities for Taylor-Dunn’s community of end users and dealer network, Jim Goodwin, Taylor-Dunn’s chairman, said in the release.
Taylor-Dunn will become a wholly-owned subsidiary of Polaris, and will join the work and transportation division of Polaris’ Global Adjacent Markets business. The company will continue to operate from its headquarters in Anaheim, Calif.
“While Polaris is best known for our leadership in powersports, adjacent markets are an important aspect of our growth strategy, and industrial vehicles are a natural extension for us,” Dan Chumbler, Polaris’ general manager, work and transportation, said in the release.