May 4, 2016, 9:00 AM EDT
Synchrony Financial and Suzuki Extend Powersports Consumer Financing Program Agreement
STAMFORD, Conn., & BREA, Calif.
Public Company Information:
STAMFORD, Conn., & BREA, Calif.--( BUSINESS WIRE)--Synchrony Financial (NYSE: SYF), a premier consumer financial services company with 80 years of retail heritage, today announced a multi-year renewal of its program to provide consumer financing for Suzuki Motor of America powersports products.
Suzuki Motor of America, Inc. (SMAI) is a leading manufacturer and distributor of motorcycles, ATVs, scooters, outboard motors and automotive parts and accessories through an extensive dealer network in 49 states.
The agreement extends a multi-year consumer financing relationship between Synchrony Financial and Suzuki. Qualifying buyers1 will continue to have access to special financing options and exclusive offers for Suzuki products through their dealer network in the United States.
“We’re pleased that Suzuki enthusiasts will continue to have access to a variety of payment options that will help them get the powersports products they need and want,” said Glenn Marino, executive vice president and CEO, Payment Solutions, Synchrony Financial. “The availability of financing is important to consumers, and we’re pleased to work with Suzuki to offer that added value to their customers.”
A 2014 study2 commissioned by Synchrony Financial of powersports customers explores the path to purchase and shows 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 is committed to helping us provide our customers with a great experience by offering flexible and convenient payment options,” said Chris Coons, Sales and Operations Manager, Suzuki Motor of America, Inc. “Synchrony understands our business, knows what motivates our shoppers and is a valued partner in helping us grow our business.”
1Subject to terms and conditions.
2Conducted 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.
Suzuki Motor of America, Inc. (SMAI) distributes Motorcycles, ATVs, Scooters, Outboard Motors and Automotive Parts and Accessories via an extensive dealer network throughout 49 states. SMAI’s supplier, Suzuki Motor Corporation (SMC), based in Hamamatsu, Japan, is a diversified worldwide manufacturer of Motorcycles, ATVs, Scooters, Automobiles and Outboard Motors. Founded in 1909 and incorporated in 1920, SMC has 147 distributors in 201 countries. For more information, visit www.suzuki.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 (formerly GE Capital Retail Finance) 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 and twitter.com/SYFNews.
*Source: The Nilson Report (April, 2015, Issue # 1062) - based on 2014 data.
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