Sheffield Financial and Mahindra Vehicle Sales and Service, Inc. announce a new multi-year retail financing contract
CLEMMONS, N.C., Aug. 13, 2018 /PRNewswire/ -- Sheffield Financial, a division of Branch Banking and Trust Company and Mahindra Vehicle Sales and Service, Inc. (Mahindra), recently agreed to a multi-year financing services agreement, effective immediately.
The agreement allows Sheffield to provide lending services to Mahindra customers through the Mahindra dealer network. The contract covers installment financing for the Mahindra ROXOR.
"Because we've built our ROXOR brand on a retail-based business model, it has allowed us to attract many of the best powersports dealers in the country," said Luc d'Gaspe Beaubien, vice president of Mahindra Vehicle Sales & Service. "It was natural to bring on the best possible retail financing partners. Sheffield Financial helps us complete what is a world-class retail network."
Sheffield, founded in 1992 and acquired by BB&T in 1997, has a strong commitment to powersports manufacturers, dealers, and customers.
"We are excited about our new financing relationship with Mahindra and its dealers and customers," said Jack Snow, Sheffield Financial CEO. "Our logo and tagline is 'Personal Service – It's That Simple' and is the foundation upon which our company is built."
Jeff McKay, Sheffield Financial President said, "Sheffield specializes in financing off-road vehicles and we are thrilled to partner with Mahindra to provide financing for the exciting new ROXOR side by side unit."
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 $22 billion in loans since its founding in 1992, currently services more than 15,000 outdoor power equipment, power sports and trailer dealers nationwide. The company provides retail financing options in all 50 states for over 160 manufacturers of 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 BB&T
BB&T is one of the largest financial services holding companies in the U.S. with $222.7 billion in assets and market capitalization of approximately $39.1 billion as of June 30, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., BB&T operates more than 1,900 financial centers in 15 states and Washington, D.C. and is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
About Mahindra
The parent company, Mahindra has been building vehicles for over 70 years. In fact, 600,000 automotive vehicles every year. Mahindra knows tractor, automobiles, airplanes, motorcycles, and more. A more than $19 billion dollar company supports the ROXOR brand with a sizeable investment in the Michigan-based ROXOR project. A solid, long-term product plan will roll out the future models; all designed to complement many different channels of specialized businesses- construction, community work, ranching, search and rescue, and, of course, hardcore recreation.
SOURCE Sheffield Financial
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