Polaris Industries Inc. is not likely to form a revolving credit partnership anytime soon, despite the fact that the OEM was formerly partnered with Capital One Financial Corp. for a similar product offering, a source familiar with the company told Powersports Finance.
Polaris is the only OEM formerly partnered with Capital One that has not announced its plans for a revolving credit program or partnership yet.
“Revolving credit purchases are a small percentage of what Polaris sells and finances,” he said. “I don’t think having a revolving line was a priority for Polaris. I wouldn’t rule it out,” but it’s not likely, he added.
Citi Retail Services, the company that is now filling the revolving credit void in powersports, has already secured partnerships with nearly all major OEMs in the space.
Earlier this month, American Honda Motor Co. and Citi partnered to launch the Honda Powersports Revolving Finance Program. Honda marks the first OEM to partner with Citi that was not formerly partnered with Capital One.
BRP Inc. teamed up with Citi in January, and Citi also inked a multi-year deal with Kawasaki Motors Corp. USA in December of last year. Additionally, Yamaha Motor Corp. USA — which was also one of Capital One’s former partners — launched its own Yamaha Credit Card program through its captive in October of last year.
Separately, GreenSky Credit was also interested in the powersports finance space, but to what degree is unclear. GreenSky declined to comment for this story.
Atlanta, Ga.-based GreenSky operates as a third-party service provider and program administrator for banks that provide consumer loans. It helps businesses to offer credit to their customers.
Last October, GreenSky posted a job listing on LinkedIn for a powersports senior director of operations. The company also posted a job listing for a district sales manager of speciality retail on LinkedIn last week. While it is unclear if this position has any connection to the powersports space, the position calls for “strategic sales skills to drive results and build strong relationships with dealers and partners.”
The position is “basically a regional manager to grow dealer usage of GreenSky’s financial tools,” the source said.