Wells Fargo Commercial Distribution Finance has been named the preferred floorplan financing source for Mahindra Vehicle Service & Sales, the companies announced in a press release last week.
Mahindra Vehicle Service & Sales is a subsidiary of Mahindra & Mahindra, a vehicle manufacturing conglomerate headquartered in Mumbai, India. Through the new multi-year agreement, Wells Fargo CDF will be the preferred inventory finance provider to Mahindra’s North American dealer base, Jeremy Jansen, commercial leader of motorsports at Wells Fargo CDF, told Powersports Finance.
Wells Fargo CDF will be “a part of the growth and distribution” of the ROXOR, a new, off-road, multi-purpose utility vehicle from Mahindra. The vehicle will be manufactured in Detroit in early spring later this year.
While motorcycle sales have yet to reach the levels they were before the 2007 recession, Wells Fargo CDF is confident in the off-road vehicle space, Jansen said.
“Wells Fargo CDF is positive on the current powersports market landscape, specifically the off-road vehicle space,” Jansen said. “The utility off-road market continues to grow at mid-single-digit rates fueled by an overall strong general economy and consumer, continued product innovation, and a strengthening oil and gas sector.”
Amid the need to spur new motorcycle ridership, the wholesale financier has been working to increase the amount of riders through a partnership with the United States Coaching Association. Wells Fargo CDF announced the partnership last December, to provide education and enrichment materials for new and returning riders and coaches.
Wells Fargo CDF provides wholesale financing programs and solutions, and works with manufacturers such as Ducati, Kymco, and Suzuki.
