Royal Enfield North America is “very early” in its long-term journey toward establishing the brand, and adding finance options such as leasing is on that road map, President Rod Copes told Powersports Finance.
“We are in a marathon, not a sprint,” he said. “To us, establishing the brand is a long-term, five- to 10-year plan.”
Retail finance, including leasing, is part of the company’s long-term plan, but further along as Royal Enfield builds up its dealer network. “We are trying to establish what are the top things we focus on over the next several years,” he said. “I don’t see us getting big into leasing anytime soon, we just have too many other higher priorities at this point.”
Royal Enfield is a motorcycle manufacturing company with factories in Chennai, India. Royal Enfield came to North America in January 2015, with headquarters in Milwaukee, Wis., and has 70 North American dealers.
The first phase of the OEM’s plan has been about establishing infrastructure and its dealer network. “We will be working on that for the next couple of years, but we are getting more into phase two, which is more of a marketing and brand awareness campaign.
The new products are a big part of that,” he added, referencing Royal Enfield’s new 2018 Himalayan motorcycle released last month. Royal Enfield’s total units sold increased 22% year over year to 70,126 in November, the company reported.