Royal Enfield North America has signed on FreedomRoad Financial as a retail finance provider effective Dec. 1, and has launched a promotion to help push inventory in the winter season, Mike Roark, vice president of sales for Royal Enfield, told Powersports Finance.
Though Royal Enfield has existing partnerships with ThunderRoad Financial and Dealer Direct, the motorcycle OEM added FreedomRoad to create another opportunity for consumers to finance their vehicles. Additionally, FreedomRoad works with “so many of our existing dealers” through manufacturers partnerships such as Triumph and BMW, Roark said.
The partnership with FreedomRoad has been in the works since Royal Enfield reentered the market in 2015, Roark said. “The timing is just right, where [FreedomRoad] has the capacity to do it, and we’re looking to expand our retail financing option for our dealers,” he added.
Oak Brook, Ill.-based FreedomRoad Financial is a full-spectrum lender that partners with OEMs such as Triumph, KTM, and Husqvarna to create financing programs for their dealers.
Through the new partnership, Royal Enfield will be offering a “No Payments, No Interest” promotion on all 2018 Classic 500 motorcycle models purchased between Dec. 1, 2018, and Feb. 28, 2019. Through the promotion, consumers can hold off on making a down payment, monthly payments, or paying interest until March 1, 2019.
“It’s a good tool to get people that maybe want to buy a motorcycle now, but as we know there are winter months ahead,” Roark said, referencing the buying slowdown of the winter season. “So, this gives the consumer the opportunity to buy now and pay later.”