Sheffield Financial, a division of Truist Bank, is expanding its partnership with Suzuki to include marine dealers.
Sheffield, which has offered retail financing for Suzuki powersports dealers since 2008, announced this week an agreement to offer a financing services program for Suzuki marine dealers. The program covers installment financing for outboard motors and boat packages that include Suzuki engines.
Net sales for Suzuki’s marine business clocked in at $233 million for the first quarter of FY2021, or April to June, a 28.7% increase year over year, according to the company’s Q1 financial report published Aug. 5. The increase was largely driven by strong sales of outboard motors in North America, the report said.
Suzuki motors are in high demand as more consumers buy boats from individuals due to a lack of dealership inventory, ramping up service requests, Vanessa Lawson, service manager at Garland, Texas-based used-boat dealer and service provider Nortex Marine, told Auto Finance News. Deliveries of new motors remain six- to eight-months out.
The financing option is another way for Suzuki to tap into the growing powersports market, driven by an influx of new customers due to the COVID-19 pandemic, said George Blakely, executive vice president of sales and service for Suzuki Marine. “We want to keep our customers in the boating lifestyle and in the Suzuki family for many years to come, and providing the right financing is an important part of making this happen,” he said.
Further details on the financing program were not provided, but the option will allow Suzuki to “tailor highly competitive promotional financing offers to support national marketing campaigns for its entire dealer network,” a Truist spokesperson told AFN.
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