CLEMMONS, N.C., Oct. 15 /PRNewswire-FirstCall/ -- Sheffield Financial, a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE : BBT ), has signed a five-year installment financing contract with Polaris Industries, Inc. effective April 1, 2011.
The agreement allows Sheffield to substantially increase its national market share in the power sports industry by providing installment lending services to Polaris' dealers. It also provides an opportunity to expand Sheffield's employee base.
The contract covers exclusive installment financing for Polaris' snowmobiles, all-terrain vehicles (ATVs), Ranger side-by-side vehicles and Breeze Electric golf cars.
"We at Sheffield 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 expand our presence in the power sports industry with such a strong partner and proven market leader as Polaris."
Sheffield, founded in 1992 and acquired by BB&T in 1997, 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 that time, Sheffield has set a proven track record with Polaris dealers.
"Sheffield has proven this relationship is one that we can count on to handle our customers' financing needs while offering exceptional service to our dealer network," said Michael W. Malone, vice president and chief financial officer for Polaris.
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.
With annual 2009 sales of $1.6 billion, Polaris designs, engineers, manufactures and markets off-road vehicles (ORVs), including all-terrain vehicles (ATVs) and the Polaris RANGER®, snowmobiles and Victory Motorcycles® for recreational and utility use. Polaris is a recognized leader in the snowmobile industry, and one of the largest manufacturers of ORVs in the world. Victory Motorcycles, established in 1998 and representing the first all-new American-made motorcycle from a major company in nearly 60 years, are rapidly making impressive in-roads into the cruiser and touring motorcycle marketplace. Polaris also enhances the riding experience with a complete line of Pure Polaris® apparel, accessories and parts, available at Polaris dealerships. Polaris Industries Inc. trades on the New York Stock Exchange under the symbol "PII," and the Company is included in the S&P Small-Cap 600 stock price index. Information about the complete line of Polaris products, apparel and vehicle accessories, is available from authorized Polaris dealers or anytime from the Polaris home page at www.polarisindustries.com.
SOURCE Sheffield Financial; BB&T