Sheffield Financial and Suzuki Marine USA LLC announce a retail financing program agreement

Rhea-AI Summary

Sheffield Financial, a division of Truist Bank, has entered into a financing services agreement with Suzuki Marine USA. This partnership will allow Sheffield to provide retail financing options for Suzuki Marine customers through its dealer network, covering installment financing for Suzuki outboard motors and boat packages. Both companies aim to enhance customer access to boating through this financing initiative. Sheffield Financial, operational since 1992, has financed over $30 billion in loans, while Truist, parent of Sheffield, boasts total assets of $522 billion as of June 30, 2021.

Positive

• Establishment of a financing services program to enhance customer access to Suzuki Marine products.
• Sheffield Financial has a strong history, financing over $30 billion since 1992.
• Partnership aims to retain customers in the boating lifestyle and promote long-term engagement.

Negative

• None.

WINSTON-SALEM, N.C., Sept. 28, 2021 /PRNewswire/ -- Sheffield Financial, a division of Truist Bank, Member FDIC, and Suzuki Marine USA LLC (Suzuki Marine), recently agreed to a financing services program agreement. Suzuki Marine offers a wide array of outboard motors, including the industry's largest all-four-stroke lineup.

The agreement allows Sheffield to provide lending services to Suzuki Marine customers through the Suzuki Marine dealer network. The contract covers installment financing for Suzuki outboard motors and boat packages, which include Suzuki engines.

"We know just how important it is to offer our customers retail financing options to go along with our line of Ultimate Outboard Motors," said George "Gus" Blakely, executive vice president, sale and service for Suzuki Marine. "This is particularly true in today's market, when so many new people are getting into boating for the first time. We want to keep our customers in the boating lifestyle and in the Suzuki family for many years to come — and providing the right financing is an important part of making this happen. This is why we're excited to be working with Sheffield Financial."

"Sheffield has partnered with Suzuki Powersports since 2008, offering retail financing to their dealers, and is now delighted to provide competitive financing solutions for Suzuki Marine dealers and their customers in the U.S. Suzuki's high-quality boat engines and Sheffield's industry-leading customer service is a winning combination," said Jeff McKay, Sheffield Financial CEO and head of point of sales lending for Truist.

About Sheffield Financial
Winston-Salem, N.C.- based Sheffield Financial is a division of Truist Bank, Member FDIC, which is a subsidiary of Truist Corporation (NYSE: TFC). Sheffield, which has financed more than $30 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 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 Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. Formed by the historic merger of equals of BB&T and SunTrust, Truist has leading market share in many high-growth markets in the country. The company offers a wide range of services including retail, small business and commercial banking; asset management; capital markets; commercial real estate; corporate and institutional banking; insurance; mortgage; payments; specialized lending; and wealth management. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S. commercial bank with total assets of $522 billion as of June 30, 2021. Truist Bank, Member FDIC. Learn more at Truist.com.

About Suzuki Marine
Suzuki Marine manufacturers an extensive line of Ultimate Outboard Motors, ranging from the portable 2.5-horsepower to its flagship V-6 DF350, the first outboard to feature contra-rotating twin propellers for superior acceleration, top-end performance, and fuel efficiency. Suzuki's all-four-stroke line up provides the power for a wide range of popular boats, from canoes and car toppers to freshwater pontoons and bass boats to the biggest offshore fishing machines. Recently relocated to new U.S. headquarters in Tampa, Florida, Suzuki Marine is a strong supporter of Suzuki's global Clean Oceans Project and is constantly working to find new ways to protect our marine environment for future generations to enjoy.

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SOURCE Sheffield Financial, Inc.

FAQ

What is the financing agreement between Sheffield Financial and Suzuki Marine?

Sheffield Financial has partnered with Suzuki Marine to provide retail financing options for outboard motors and boat packages through the Suzuki dealer network.

How long has Sheffield Financial been in operation?

Sheffield Financial has been operational since 1992, financing over $30 billion in loans.

What is the significance of the partnership for Truist Corporation (TFC)?

The partnership may boost Truist Corporation's lending business through Sheffield Financial, enhancing overall revenue from the financing sector.

What products are covered under the financing agreement?

The financing program covers installment financing for Suzuki outboard motors and boat packages.

What does Suzuki Marine offer?

Suzuki Marine offers a comprehensive range of outboard motors, including the industry's largest all-four-stroke lineup.