Kawasaki Motors Corp. USA and Sheffield Financial — the powersports lending arm of BB&T Bank — agreed to a multi-year retail finance agreement, effective immediately.
The extended partnership allows Sheffield to provide installment financing to customers of Kawasaki’s 1,100 independent dealers, the OEM announced in a press release this week.
“We are proud to extend our relationships and offer Kawasaki dealers the tools for financing all Kawasaki customers,” Bill Jenkins, the OEM’s senior vice president of sales and operations, said in the release. “Sheffield’s services will result in the best retail experience for our customers.”
Sheffield Financial, based in Clemmons, N.C., currently services more than 15,000 powersports, trailer, and outdoor power equipment dealers. The full-spectrum lender specializes in financing off-road vehicles, motorcycles, personal watercraft, and snowmobiles.
Sheffield’s loan outstandings rose 6.3% in the third quarter compared with the same period the year prior, according to BB&T Bank’s earnings.
“We are excited about our continued financing relationship with Kawasaki and its independent dealers and customers,” Jack Snow, Sheffield Financial’s chief executive, said in the release. “Our [motto] is ‘Personal Service — It’s That Simple’ and it’s the foundation upon which our company is built.”
Foothill Ranch, Calif.-based Kawasaki reported net sales of 136.9 billion Yen ($1.2 billion USD), a year-over-year rise of 8.4 billion Yen ($74.5 million USD) as of its fiscal second quarter ended Sept. 30. Net sales for the powersports manufacturer is projected to reach 335 billion Yen ($2.9 billion USD) for the fiscal full year ending March 31, 2018.
Kawasaki and its affiliates employ nearly 3,100 people in the U.S., with approximately 260 of them located at its California headquarters.
Last December, Kawasaki announced a multi-year agreement with Citi Retail Services, to provide dealers with another financing option for their customers — a private-label credit card program. Kawasaki’s program with Citi began Feb. 1 of this year, directly following the expiration of its current revolving credit program with Capital One Financial Corp. Prior to that, the OEM extended its multi-year retail installment finance agreement with Synchrony Financial in September 2016.
