As competition in the powersports industry amps up, many lenders are introducing financing incentives to boost financing volume, according to industry experts.
“I think this is an attractive industry,” said Keith Mait,Synchrony Financial’s vice president and industry leader of powersports. The industry’s appeal and its dynamics can be a good thing and a bad thing for lenders, he toldPowersports Finance, because more lenders entering the market equals more competition — and that means “we’ve got to fight harder.” The variety of payment options and financing promotions Synchrony offers provides that “competitive advantage,” he added.