CLEMMONS, N.C., Jan. 22, 2016 /PRNewswire/ -- Sheffield
Financial, a division of Branch Banking and Trust Company, and
Polaris Sales Inc., a subsidiary of Polaris Industries Inc. (NYSE:
PII), have agreed to a five-year extension of their retail
financing contract, effective Jan. 1,
2016.
The agreement allows Sheffield to continue providing lending
services to Polaris customers through the Polaris dealer network.
The contract covers installment financing for Polaris' all-terrain
vehicles (ATVs), Polaris RANGER® and
RZR® side-by-side vehicles; snowmobiles;
Victory®, Indian Motorcycle®, and
Slingshot® roadsters; and Global Electric Motorcars
(GEM) on-road electric/hybrid powered vehicles.
"Sheffield has proven their ability to handle our customers'
financing needs while offering exceptional service to our dealer
network. Extending our relationship reinforces our commitment to
have competitive retail financing available to our dealers to help
support our collective growth plans," said Michael T. Speetzen, executive vice president
and chief financial officer for Polaris.
"We are extremely pleased with the confidence Polaris has placed
in us to offer financing products to its customers," said
Jack Snow, Sheffield Financial
president. "It's an honor to continue expanding our presence in the
power sports industry with such a strong partner and proven market
leader."
Sheffield, founded in 1992, is well acquainted with Polaris'
customer base and dealer network. The company signed its first
contract with Polaris in February
2009 to provide installment loans to its customers. Since
then, Sheffield has increased its market share significantly due to
a proven track record with Polaris dealers and customers.
About Sheffield Financial
Clemmons, N.C.-based Sheffield Financial is a
division of Branch Banking and Trust Company, which is a subsidiary
of BB&T Corporation (NYSE: BBT). Sheffield, which has financed
more than $14 billion in loans since
its founding in 1992, currently services more than 30,000 outdoor
power equipment, power sports and trailer dealers nationwide. The
company provides retail financing options in all 50 states for
outdoor power equipment, trailers and power sports equipment, such
as snowmobiles, all-terrain vehicles, side-by-side vehicles,
motorcycles and personal watercraft. For more information about
Sheffield Financial, visit SheffieldFinancial.com.
About Polaris
Polaris is a recognized leader in the powersports industry with
annual 2014 sales of $4.5 billion.
Polaris designs, engineers, manufactures and markets innovative,
high quality off-road consumer and military vehicles, including
all-terrain vehicles (ATVs) and the Polaris
RANGER® and RZR® side-by-side
vehicles, snowmobiles, motorcycles and on-road electric/hybrid
powered vehicles.
Polaris is among the global sales leaders for both snowmobiles
and off-road vehicles and has established a presence in the
heavyweight cruiser and touring motorcycle market with the
Victory® and Indian Motorcycle® and
Slingshot® brands. Additionally, Polaris continues to
invest in the global Work and Transportation vehicle industry with
Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega
S.A.S., and internally developed vehicles. Polaris enhances the
riding experience with a complete line of Polaris Engineered Parts,
Accessories and Apparel, Klim® branded apparel and ORV
accessories under the Kolpin®, Cycle Country®
and Pro Armor® brands.
Polaris Industries Inc. trades on the New York Stock Exchange
under the symbol "PII", and the company is included in the S&P
Mid-Cap 400 stock price index.
Information about the complete line of Polaris products, apparel
and vehicle accessories are available from authorized Polaris
dealers or anytime at Polaris.com.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/sheffield-financial-and-polaris-announce-five-year-extension-on-retail-financing-contract-300208392.html
SOURCE BB&T Corporation