Synchrony renews financing relationship with Kawasaki Motors

Synchrony Financial and Kawasaki Motors Corp. have extended their multiyear financing agreement, the two companies announced yesterday. Synchrony and Kawasaki have had a consumer financing agreement since 2010. Synchrony did not disclose the length of the agreement extension. Kawasaki, a Japanese multinational, has roughly 1,100 independent retailers on its network, according to a company release. Consumers are able to finance Kawasaki motorcycles, cruisers, ATVs, side-by-sides and Jet-Ski watercraft through Synchrony. “Kawasaki is a pillar of the powersports industry. It’s a global brand, well respected, with a vibrant consumer base that stretches from racing consumers to recreational consumers and commercial buyers,” Keith Mait, senior vice president and general manager of payment solutions for Synchrony told Auto Finance News . “We are thrilled to have an opportunity to work with Kawasaki for a number of years to come and be with them throughout their journey as a growing OEM in the powersports space.” The extended agreement comes on the heels of increased demand for boats, RVs, bikes and other recreational vehicles due to the COVID-19 pandemic, Mait noted. During stay-at-home orders in the spring, the powersports market “took off like a rocket ship,” he said. Synchrony has “seen very strong activity over the last couple of quarters [in powersports],” Mait added. “We believe that if the industry continues to grow, and we continue to do our job well, we'll be able to keep up.” Kawasaki continues to introduce new products to the powersports market, creating a need for Synchrony to provide flexible payment options for the brand’s consumers, Mait noted. “We’re constantly talking to one another and uncovering ways we can complement what’s coming through each other’s organization,” he said. “Synchrony is trying to create ways to expand our consumer lending base, and Kawasaki is looking at ways to sell different products.” Enrolled Kawasaki dealers have around-the-clock access to Synchony’s Business Center technology, which enhances the consumer credit process. Enrolled dealers also have access to the lender’s Advertising Center, which provides dealers with physical and digital marketing collateral. Synchrony Financial, based in Stamford, Conn., is a consumer financial services company with $78.5 billion in managed assets across the home, auto, powersports, retail, health and travel industries. It is also one of the largest private-label credit card issuers in the country, and works with companies such as Verizon, Venmo and Mattress Firm . Shares of Synchrony Financial [NYSE: SYF] were trading at $35.38 as of market close, down 3.41% as of market open. Synchrony has a market capitalization of $20.6 billion. Auto Finance Innovation Summit, the premier event for technology in auto finance, returns March 16-17, 2021, as a virtual experience. The virtual experience will offer the quality networking and education of past events, all through an online platform. To learn more about the 2021 event and register, visit www.AutoFinanceInnovation.com .

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