New Synchrony Outdoors Credit Card Delivers Comprehensive Payments Solution for Powersports Dealers and Enthusiasts

Rhea-AI Summary

Synchrony (NYSE: SYF) has launched a new Synchrony Outdoors Credit Card to enhance financing options for over 5,000 powersports dealers in the U.S. This initiative supports a growing market projected to exceed $131B by 2028. The card enables customers to finance purchases of aftermarket parts and accessories, which are crucial for a safe riding experience. Promotional features include six months of financing for purchases over $199, no annual fee, and digital account management. This move aims to increase customer loyalty and drive sales within the powersports industry.

Positive

• Launch of the Synchrony Outdoors Credit Card enhances financing for powersports dealers.
• Market for powersports expected to exceed $131B by 2028, presenting growth opportunities.
• Promotional financing terms include six months for purchases over $199.

Negative

• None.

Gives adventure seekers the ability to purchase powersports accessories, parts, garments, fuel, service and warranties to further enable their passion for the outdoors;

New credit card provides Synchrony's more than 5,000 dealer partners across the U.S. with a financial solution to capitalize on a powersports market expected to surpass $131B by 2028

STAMFORD, Conn., March 8, 2023 /PRNewswire/ -- Synchrony (NYSE: SYF), a premier consumer financial services company, today announced the new Synchrony Outdoors Credit Card, which is available now to more than 5,000 powersports dealers across the United States. The card makes it easy and affordable for millions of powersports fans to finance essential aftermarket purchases that ensure a safe and enjoyable riding journey.

The Synchrony Outdoors Credit Card was developed in response to recent Synchrony research, which uncovered that two-thirds of dealers would be interested in an aftermarket product financing program to help drive post-vehicle purchases.¹ The aftermarket includes parts, garments, accessories, and services (PGAS), which often account for the largest — and most profitable — portion of a dealer's sales. The recent research also showed that customers are likely to spend more, spend sooner, and spend with increased frequency on aftermarket powersports products when presented with promotional finance options.

Insight Partners reports that the global powersports market is expected to reach more than $131B by 2028. As consumers look to spend, the Synchrony Outdoors Credit Card allows dealers to capitalize on this growing market by offering shoppers financing options for making important post-vehicle purchases. At the same time, the card makes it easy for dealers to increase loyalty from current customers, attract new consumers, and ultimately add new revenue.

The Synchrony Outdoors Credit Card features include:

• Six months promotional financing on purchases of $199 or more
• Convenient monthly payments
• No annual fee
• Digital features enable customers to easily apply, make payments and manage their account online
• Multiple promotional options to meet all types of budgets. These include With Payments, Deferred Interest (WPDI), and Fix Pay options

"Thanks in part to the growing popularity of all-terrain vehicles, interest in powersports has never been stronger. But as sales grow, dealers have struggled to find a financing option to support customer purchases of key aftermarket items," Darrell Owens, senior vice president, Synchrony. "As a partner in the outdoor industry for more than two decades, we are excited to offer these dealers a financing program dedicated to powersports customers and the products and services that fuel their outdoor lifestyles. This new card enables us to better integrate with our growing list of dealer partners and to provide them with a holistic way to expand their sales of a wide variety of outdoor products and services. For consumers, the Synchrony Outdoor card also offers a way to quickly and easily purchase everything they may need at an affordable price to ensure they have fun and safe experiences."

Dealers like RideNow Powersports have been working with Synchrony to help their customers finance off-road vehicles for close to two decades. "For nearly 20 years, we've partnered with Synchrony to offer financial options that enable customers to buy the powersports products they want and need," Nick Haider, Regional Operations Director, RideNow. "We're excited for the launch of the new Synchrony Outdoors Card which will make it more affordable for customers to continue their powersports lifestyle. It's a real benefit for the customer and us to be able to offer financing solutions throughout our entire dealership instead of just on the showroom floor."

The Synchrony Outdoors Credit Card is issued and serviced by Synchrony Bank. The card joins the other company finance offerings, including the CareCredit® credit card for health and wellness purchases, the Synchrony HOME™ credit card for all home furnishing and home improvement, and the Synchrony Car Care™ credit card for gas, auto parts, and service stations.

To learn more about the Synchrony Outdoors credit card or to find a participating dealer that accepts the card, visit www.MySynchrony.com/Outdoors.

About Synchrony
Synchrony (NYSE: SYF) is a premier consumer financial services company delivering one of the industry's most complete digitally enabled product suites. Our experience, expertise, and scale encompass a broad spectrum of industries, including digital, health and wellness, retail, telecommunications, home, auto, outdoor, pet, and more. We have an established and diverse group of national and regional retailers, local merchants, manufacturers, buying groups, industry associations, and healthcare service providers, which we refer to as our "partners."  We connect our partners and consumers through our dynamic financial ecosystem and provide them with a diverse set of financing solutions and innovative digital capabilities to address their specific needs and deliver seamless, omnichannel experiences.  We offer the right financing products to the right customers in their channel of choice. For more information, visit www.synchrony.com and Twitter @Synchrony.

Media Contact:
Lauren Devilbiss
Synchrony
(240) 814-5825
Lauren.Devilbiss@syf.com 

¹  Synchrony Powersports PG&A Opportunity and Review, November 15, 2021.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/new-synchrony-outdoors-credit-card-delivers-comprehensive-payments-solution-for-powersports-dealers-and-enthusiasts-301765070.html

SOURCE Synchrony

FAQ

What is the new Synchrony Outdoors Credit Card offered by SYF?

The Synchrony Outdoors Credit Card provides financing options for powersports aftermarket purchases, targeting over 5,000 dealers in the U.S.

When was the Synchrony Outdoors Credit Card launched?

The card was announced on March 8, 2023.

How much is the powersports market expected to grow by 2028?

The global powersports market is expected to surpass $131B by 2028.

What are the financing features of the Synchrony Outdoors Credit Card?

The card offers six months of promotional financing on purchases over $199, no annual fee, and various digital features.

How will the Synchrony Outdoors Credit Card benefit powersports dealers?

It allows dealers to offer financing options that can drive sales and enhance customer loyalty.