Sheffield Financial’s loan originations grew 12.1% year over year in the fourth quarter, from the same time a year prior, according to the company’s earnings released today.
BB&T Corp. — Sheffield’s parent company — consistently sees seasonally strong loan growth in its specialized lending segment, which includes powersports finance, Kelly King, the bank’s chairman and chief executive, said during the call.
Sheffield Financial had a robust year and remained aggressive with financing promotions in particular. Sheffield’s Founder and Chief Executive Jack Snow, previously told Powersports Finance that the bank would participate in “some innovative finance promotions” throughout 2016, and the lender followed through with several incentives offered through OEMs, including Arctic Cat Inc., Kawasaki Motors Corp. USA, and Suzuki Motor of America Inc.
Most recently, Sheffield enlisted another promotion to offer and APR as low as 3.95% for 36 months on select Kawasaki vehicles. The offer is valid through Jan. 31, according to the OEM’s website.
Sheffield Financial, based in Clemmons, N.C., currently services 14,000 powersports dealers. The full-spectrum lender specializes in financing off-road vehicles, motorcycles, personal watercraft, and snowmobiles.