With its GE Capital wholesale financing partnership in place, Royal Enfield North America is now in the market for a retail financer, Rod Copes, president of Royal Enfield North America, told Powersports Finance on Friday.
“We’ve talked to a few [retail financers] and we are just trying to find the right one for us, and for our dealers and customers,” Copes said. “We’ve filtered through a few, and I think we are close to a partnership with one that will materialize within the next few weeks.”
As Royal Enfield continues to vet dealers through the application process and establishes its dealer network, the company will provide the dealer’s information to GE Capital, he added. “We are applying for distributor licenses in all the states, and then those dealers will start selling motorcycles. We are still in the transition phase, but within the next month or two we will be in full force,” Copes said.
The company aims to contract approximately 100 dealers by the end of 2016, said Copes. To appoint dealers, Royal Enfield is required to have distributor licenses in each state. “I think we have seven states that we have distributor licenses, so now we can appoint dealers in those states,” Copes said. “We have probably 40 or 50 dealers that we have had discussions with and offered applications to, and we are working through those applications.”
Redditch, U.K.-based motorcycle manufacturer Royal Enfield partnered with GE Capital to offer floorplan financing for North American dealers effective Jan. 1, the company previously announced. The manufacturer returned to the U.S. market in August 2015, establishing headquarters in Milwaukee, Wis.