Sheffield Financial and BRP extend long-term retail financing partnership in the United States

Rhea-AI Summary

Sheffield Financial and BRP US Inc. renew their long-term retail financing agreement, enhancing financing options for BRP dealers and customers. The partnership, spanning over 15 years, focuses on providing competitive rates, rapid funding, and flexible loan terms, supported by innovative technology.

Insights

Financial Analyst

The renewal of the retail financing agreement between Sheffield Financial and BRP US Inc. underscores the strategic importance of financing solutions in the powersports industry. The partnership leverages Sheffield Financial's equipment lending expertise to bolster BRP's sales by offering accessible financing to end consumers. The availability of competitive loan terms and rapid funding options can incentivize purchases, potentially increasing BRP's market share and revenue. Moreover, the integration of new technologies like mobile-friendly prequalification and unique dealer URLs suggests an emphasis on digital transformation, which is pivotal in today's retail landscape. This could enhance customer experience and streamline the sales process, driving further growth for BRP.

From a financial perspective, the partnership's longevity since 2009 indicates a stable and mutually beneficial relationship, which could be a positive signal to investors. The continuation of this agreement may provide a stable foundation for BRP's financial projections and dealer network support. It is essential, however, for stakeholders to monitor the performance metrics associated with the financing program, such as loan default rates and the impact of financing options on BRP's sales volume over time.

Market Research Analyst

The powersports industry is highly competitive, with financing options often being a key differentiator for dealers and manufacturers. The renewed partnership between Sheffield Financial and BRP could enhance BRP's competitive positioning by providing a comprehensive financing ecosystem. Tools like a mobile-friendly platform and QR codes for easy access to financing align with consumer trends favoring convenience and speed in transaction processes. This could lead to an improved customer journey, potentially increasing customer loyalty and repeat business.

Furthermore, the focus on 'live' dealer support available seven days a week indicates a commitment to customer service, which is a critical factor in customer satisfaction and retention. This level of dealer support can also be a significant value proposition when dealers choose which manufacturers to partner with. As the financing options and technology provided by Sheffield become more embedded in BRP's sales strategy, it will be important to evaluate customer feedback and adoption rates to assess the effectiveness of these initiatives.

Economist

Consumer financing plays a vital role in the discretionary spending sector, particularly in industries like powersports where products are often considered luxury items. The extension of the Sheffield Financial and BRP financing agreement may reflect broader economic conditions, such as consumer confidence and credit availability. If the financing terms are indeed competitive, they could stimulate demand for BRP products, especially if broader economic indicators are favorable.

However, it is important to consider the potential risks associated with consumer financing, such as the impact of interest rate fluctuations and economic downturns on loan repayment. As such, the health of the consumer credit market must be continually assessed, as it can directly affect the default rates on loans and, consequently, the financial stability of the financing program. Additionally, the partnership's success will depend on the ability to adapt to changing economic conditions and consumer preferences in a timely manner.

WINSTON-SALEM, N.C., April 8, 2024 /PRNewswire/ -- Sheffield Financial, a division of Truist Bank, and BRP US Inc. (BRP) are pleased to announce the renewal of their long-term retail financing agreement in the United States. This extends a partnership that began in 2009, reaffirming both parties' dedication to providing competitive financing options to BRP dealers and customers.

With over 30 years in equipment lending, Sheffield Financial's retail financing is a proven platform for streamlined financing of BRP powersport products. BRP dealers benefit from seven days a week "live" dealer support, competitive rates, rapid funding, and flexible loan terms, enhancing their customers' buying experience with clear, competitive, and fast financing.

BRP dealers have access to Sheffield Financial's newest technology, including a mobile-friendly online prequalification and a unique dealer URL and QR code. These tools can seamlessly integrate across various marketing channels, including websites, text messages, emails, showroom hang tags, and more. BRP customers benefit from a fast online prequalification decision with no impact to their credit, enabling them to effortlessly transition to formal financing, either online or at a BRP dealer.

"As a trusted BRP partner, Sheffield Financial is excited to continue offering innovative financing options that drive growth and success for BRP dealers and enhances the purchasing experience for BRP powersport and marine enthusiasts," said Susan Andersson, Head of National Accounts at Sheffield Financial.

"Going on 15 years of partnership with BRP and our dealers, Sheffield has helped a wide range of consumers and outdoor enthusiast access ownership of our industry-leading products and create memories with their friends and family," said Sandy Scullion, President, Powersports and Marine, at BRP. "We look forward to continuing working with Sheffield to offer financing products that are competitive and that elevate the experience at the dealership."

The agreement renewal between Sheffield Financial and BRP represents a significant milestone in the long-term partnership, setting the stage for continued mutual growth together. BRP dealer and customers can expect continued innovative retail financing options from Sheffield Financial as they explore the outdoors with BRP products.

About Sheffield Financial 
Sheffield Financial, a division of Truist Bank, Member FDIC, is a trusted leader in providing simple, easy and fast installment financing to the powersports, marine, compact tractor, outdoor power equipment, and trailer industries. Founded over 30 years ago, Sheffield Financial has grown into a powerhouse serving hundreds of leading brands and financing millions of customers across the USA. Backed by Truist Bank, one of the largest financial service holding companies in the USA, Sheffield Financial offers innovative financial options, friendly service and simple, easy and fast retail financing to help manufacturers and dealers drive more retail sales. Learn more at Sheffield Financial.

About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, insurance, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $535 billion as of December 31, 2023. Truist Bank, Member FDIC. Learn more at Truist.com.

About BRP
BRP Inc. is a global leader in the world of powersports products, propulsion systems and boats built on over 80 years of ingenuity and intensive consumer focus. Through its portfolio of industry-leading and distinctive brands featuring Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft, BRP unlocks exhilarating adventures and provides access to experiences across different playgrounds. The Company completes its lines of products with a dedicated parts, accessories and apparel portfolio to fully optimize the riding experience. Committed to growing responsibly, BRP is developing electric models for its existing product lines and exploring new low voltage and human assisted product categories. Headquartered in Quebec, Canada, BRP has annual sales of CA$10.4 billion from over 130 countries and a global workforce of close to 20,000 driven, resourceful people.
www.brp.com
@BRPNews
Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

View original content:https://www.prnewswire.com/news-releases/sheffield-financial-and-brp-extend-long-term-retail-financing-partnership-in-the-united-states-302109919.html

SOURCE Sheffield Financial

FAQ

What is the latest announcement between Sheffield Financial and BRP US Inc.?

Sheffield Financial and BRP US Inc. have renewed their long-term retail financing agreement in the United States.

When did the partnership between Sheffield Financial and BRP US Inc. begin?

The partnership between Sheffield Financial and BRP US Inc. started in 2009.

What benefits do BRP dealers receive from the partnership with Sheffield Financial?

BRP dealers benefit from competitive rates, rapid funding, flexible loan terms, and seven days a week 'live' dealer support.

How do BRP customers benefit from Sheffield Financial's technology?

BRP customers benefit from fast online prequalification decisions with no impact on their credit, enabling a seamless transition to formal financing.

Who is the Head of National Accounts at Sheffield Financial?

Susan Andersson is the Head of National Accounts at Sheffield Financial.

Who is the President of Powersports and Marine at BRP?

Sandy Scullion is the President of Powersports and Marine at BRP.

What does the agreement renewal between Sheffield Financial and BRP signify?

The agreement renewal represents a significant milestone in their long-term partnership, focusing on mutual growth and continued innovative retail financing options.