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.
SOURCE BB&T Corporation