September 26, 2016, 5:12 PM EDT
Synchrony Financial and Kawasaki Motors Corp., U.S.A. Extend Powersports Consumer Financing Program Agreement
Synchrony Financial will continue as an option for consumer financing of new and used Kawasaki brand powersports products
STAMFORD, Conn. – September 26, 2016 – Synchrony Financial (NYSE:SYF), a premier consumer financial services company with an 80-year heritage, today announced a multi-year renewal of its program to provide consumer financing for powersports products distributed by Kawasaki Motors Corp., U.S.A. (KMC).
KMC markets and distributes Kawasaki brand motorcycles, ATVs, side-by-sides, and Jet Ski® watercraft through a network of approximately 1,100 independent retailers, with close to an additional 7,700 retailers specializing in general purpose engines.
The agreement extends a consumer financing relationship between Synchrony Financial and KMC which began in 2010. Qualifying buyers1 will continue to have access to special financing options and exclusive offers for Kawasaki products through KMC’s dealer network in the United States.
“We’re pleased to continue working with Kawasaki to offer competitive promotional installment financing at dealers throughout the United States,” said Glenn Marino, executive vice president and CEO, Payment Solutions, Synchrony Financial. “This renewal reinforces our leadership in the powersports industry and our continued work with leading manufacturers and dealers to provide a seamless and efficient financing experience.”
A study2 commissioned by Synchrony Financial of powersports customers explores the path to purchase and found that, while value is important, the majority of shoppers choose a brand based on quality and trust. It also confirmed the importance of financing with 76% of survey respondents who have used dealer financing saying it helps make large purchases more affordable, and 52% saying they would not have made the purchase, or gone to another retailer, had financing not been available.
“Synchrony Financial shares our passion for customer service and helping people take home their dream products the same day,” said KMC Sales Operations Senior Vice President Bill Jenkins. “Its deep expertise in the powersports industry provides significant value to our business and helps dealers increase sales.”
Synchrony Financial will also serve as title sponsor for the 2017 Kawasaki Dealer Business Meeting and 50th Anniversary Celebration in November 2016.
1Subject to terms and conditions.
2 Conducted by a third party, the Synchrony Financial 2014 Powersports Consumer Study explores the customer path to purchase and surveyed consumers who had either made, or planned to make, a $500+ purchase of a motorcycle, all-terrain or utility terrain vehicle, or personal watercraft within six months.
Kawasaki Heavy Industries, Ltd. (KHI) started full-scale production of motorcycles over a half century ago. The first Kawasaki motorcycle engine was designed based on technical know-how garnered from the development and production of aircraft engines, and Kawasaki’s entry into the motorcycle industry was driven by the company’s constant effort to develop new technologies. Numerous new Kawasaki models introduced over the years have helped shape the market, and in the process have created enduring legends based on their unique engineering, power, design and riding pleasure. In the future, Kawasaki's commitment to maintaining and furthering these strengths will surely give birth to new legends. Kawasaki Motors Corp., U.S.A. (KMC) markets and distributes Kawasaki motorcycles, ATVs, side x sides, and Jet Ski® watercraft through a network of approximately 1,100 independent retailers, with close to an additional 7,700 retailers specializing in general purpose engines. KMC and its affiliates employ nearly 3,100 people in the United States, with approximately 260 of them located at KMC's Foothill Ranch, California headquarters. Kawasaki’s tagline, “Let the good times roll.®”, is recognized worldwide. The Kawasaki brand is synonymous with powerful, stylish and category-leading vehicles. Information about Kawasaki’s complete line of powersports products and Kawasaki affiliates can be found on the Internet at www.kawasaki.com.
About Synchrony Financial
Synchrony Financial (NYSE: SYF) is one of the nation’s premier consumer financial services companies. Our roots in consumer finance trace back to 1932, and today we are the largest provider of private label credit cards in the United States based on purchase volume and receivables.* We provide a range of credit products through programs we have established with a diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations and healthcare service providers to help generate growth for our partners and offer financial flexibility to our customers. Through our partners’ over 350,000 locations across the United States and Canada, and their websites and mobile applications, we offer our customers a variety of credit products to finance the purchase of goods and services. Synchrony Financial offers private label and co-branded Dual Card™ credit cards, promotional financing and installment lending, loyalty programs and FDIC-insured savings products through Synchrony Bank. More information can be found at www.synchronyfinancial.com, facebook.com/SynchronyFinancial, www.linkedin.com/company/synchrony-financial and twitter.com/SYFNews.
*Source: The Nilson Report (May 2016, Issue # 1087) - based on 2015 data.
For Synchrony Financial – (855) 791-8007 or firstname.lastname@example.org
For Kawaski – email@example.com
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