Synchrony Financial today announced a new, multi-year agreement to provide installment lending programs with KYMCO.
KYMCO USA distributes Scooters, ATVs and Side by Sides available through more than 600 dealer locations nationwide. The agreement will provide installment financing for purchasers of new and used KYMCO products, strengthening Synchrony Financial’s position in the powersports market.
“Consumers looking to make major purchases such as the products that KYMCO USA sells are diligent when making these decisions, and the availability of promotional financing plays a key role in that thought process,” said Stephen Motta, general manager, Powersports, Synchrony Financial. “Our research* shows that powersports consumers are primarily driven by quality products, but the availability of financing is a critical component of the purchasing decision.”
A 2014 study commissioned by Synchrony Financial of powersports customers explores the path to purchase and shows that, while value is important, the majority of shoppers choose a brand based on quality and trust. Further, consumers surveyed said installment financing allows them to budget for a large purchase, know what their monthly payments will be, and keep other credit lines free for emergency and everyday uses.
"We're pleased to work with Synchrony Financial due to their deep experience and insights into customer trends in the motorsports industry," said Bruce Ramsey, KYMCO USA vice president of Sales and Marketing. "They clearly understand our customers and know how to provide the right financing for them to get the product they want and need."