Yamaha Motor Canada Ltd. revved the engine of its captive, Yamaha Financial Services, on July 4 to offer consumer loans and to bolster dealer financing options, according to a company press release. The Toronto-based financing unit piloted operations with a small group of dealers in June, a company spokesman told Powersports Finance.
Yamaha Financial now offers a loan application process on the manufacturer’s corporate website, credit protection insurance options, financing for units as low as $1,500, and financing of bundled products like accessories and extended warranty, according to the release. Additionally, an all-new dealer portal keeps track of loan information, the ownership lifecycle, and provides retention and lead management.
Peter Hastings, director and president at parent company Yamaha Motor Canada, has been appointed president of the captive. Yamaha Financial Services operates in 10 provinces and three territories in Canada.
“We have been working very hard for the last few years on this project,” Hastings said in the release. “We started with wholesale inventory finance for our dealers in January 2015. Now, what we are offering to customers is the complete ownership experience.” Customers can stay with Yamaha throughout every phase of the ownership cycle, he added.