Dealership financing joint venture to now run through 2027
Wells Fargo Commercial Distribution Finance (CDF) has renewed its financing relationship with boat and powersports equipment manufacturer Polaris Industries.
Under terms of the agreement Wells Fargo will continue its partnership in the Polaris Acceptance joint venture with Polaris into 2027. CDF and Polaris began the dealer wholesale financing scheme in 1996.
“It has been remarkable to watch Polaris Acceptance expand and prosper over the past two decades,” said Wells Fargo CDF president, Steve Battreall. “We feel fortunate to continue to serve Polaris’s expansive dealer network with a stable financing source and high-quality customer service.”
Wells Fargo CDF provided more than US$43bn in financing to more than 30,000 dealers and more than 1,200 distributors and manufacturers globally in 2018.
Celebrating its 65thanniversary next year, Polaris marked its return to the recreational boating industry in May of 2018 when the company acquired the Bennington, Godfrey, Hurricane and Rinker brands for a reported US$805m. The company subsequently acquired the Larson brand of fibreglass runabouts from Carver-Marquis in January of this year. Polaris was previously an active player in the personal watercraft segment, before exiting the market in 2004.