CLEMMONS, N.C., Feb. 24, 2011 /PRNewswire/ -- Sheffield Financial, a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE: BBT), has signed a three-year installment financing services agreement with BRP, effective immediately.
BRP has agreed to exclusively endorse Sheffield's installment financing programs for its Sea-Doo® watercraft, CanAm® all-terrain vehicles, side-by-side vehicles and roadsters; and Ski-Doo® snowmobiles sold by BRP dealers in the U.S. Sea-Doo® boats also are covered by this agreement, although not exclusively.
"Due to its innovative products, BRP and its Sea-Doo, Ski-Doo and Can-Am brands enjoy an excellent reputation as a market leader in the power sports industry," said Jack Snow, Sheffield Financial president. "Sheffield shares this entrepreneurial spirit and is extremely pleased to collaborate with BRP in offering financing products to its customers."
This agreement is evidence of Sheffield's commitment to the power sports industry and of the confidence manufacturers have placed in Sheffield to take care of their customers. Sheffield has specialized in the power sports industry for the past 10 years.
Sheffield, founded in 1992 and acquired by BB&T in 1997, is well-acquainted with BRP's customer base and dealer network. The company signed its first contract with BRP in January 2009 to provide installment and revolving loans to its customers. Since that time, Sheffield has set a proven track record with BRP's dealers.
"Sheffield has worked hard to earn our business over the past two years," said Yves Leduc, vice president and general manager, North American division, BRP. "This new agreement strengthens our relationship and will be beneficial for our dealers and customers."
About Sheffield Financial, Inc.
Clemmons, N.C.-based Sheffield Financial is a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE: BBT). Sheffield, which has financed more than $4 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, utility vehicles and motorcycles. For more information about Sheffield Financial, visit www.sheffieldfinancial.com.
Bombardier Recreational Products Inc. (BRP), a privately-held company, is a world leader in the design, development, manufacturing, distribution and marketing of motorised recreational vehicles. Its portfolio of brands and products includes: Ski-Doo® and Lynx® snowmobiles, Sea Doo® watercraft and boats, Evinrude® and Johnson® outboard engines, direct injection technologies such as E-TEC, Can-Am® all-terrain and side-by-side vehicles and roadsters, as well as Rotax engines. BRP products are distributed in more than 90 countries.
Sea-Doo, Ski-Doo, Lynx, Evinrude, Johnson, Can-Am, Rotax, E-TEC and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.
SOURCE Sheffield Financial, Inc.