GE Capital to Finance Commercial Purchases of Global Electric Motorcars (GEM®)
Expands 25+ year relationship with GEM parent Polaris
IRVING, Texas--(BUSINESS WIRE)-- GE Capital's Equipment Finance business has signed a three-year agreement to provide financing for commercial purchases of Global Electric Motorcars (GEM). Owned by Polaris Industries Inc. (NYS: PII) , GEM produces electric low-speed vehicles that are typically used by municipalities, hotels, resorts, and property and facility maintenance departments.
Based in Medina, MN, Polaris designs, manufactures and markets motorized products for consumer and commercial usage. Its product lines consist of all-terrain vehicles (ATVs), snowmobiles, Polaris RANGER and RZR side-by-sides, Indian and Victory Motorcycles and related parts, garments and accessories. Acquired in 2011, GEM has sold more than 46,000 eco-friendly and street legal electric vehicles worldwide.
GE Capital and its predecessors have provided inventory and consumer financing solutions to Polaris for more than 25 years.
"As we continue to strengthen and grow our GEM business within commercial applications, we heard from our dealers and customers that it was important to offer commercial leasing options," said Tim Blinkhorn, general manager of GEM. "Because of our long-standing relationship with GE Capital, it was a natural decision to turn to them for help."
For GEM commercial customers, the benefits of financing include better cash management and greater flexibility over time. It's one more way for dealerships to provide a full-service solution to buyers.
"We're pleased to expand our relationship with one of the most well-known powersports manufacturers in the world," said Diane Cooper, leader of GE Capital, Equipment Finance and a GE company officer. "By offering financing for commercial purchasers, Polaris should be able to grow sales of GEM vehicles nationwide."
About Polaris Industries Inc.
Polaris is a recognized leader in the powersports industry with annual 2012 sales of $3.2 billion. In addition to its motorcycle and off-road vehicles, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, Aixam Mega S.A.S., and internally developed vehicles. For more information, go to www.polaris.com.
About GE Capital, Equipment Finance
GE Capital, Equipment Finance businesses include Vendor Finance, Transportation Finance and Healthcare Financial Services-Equipment Finance. With more than $36 billion in lease and loan transactions since 2007, GE Capital's Equipment Finance business manages over 40 manufacturer financing programs that span 10+ industries, including transportation, construction, information, office imaging, golf and turf, healthcare and manufacturing. It maintains relationships with approximately 200,000 business customers through its network of dealers and distributors, and evaluates more than 1,000 financing applications daily.
GE Capital offers consumers and businesses around the globe an array of financial products and services. For more information, visit www.gecapital.com or follow company news via Twitter (@GECapital).
GE (NYS: GE) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance. Building, powering, moving and curing the world. Not just imagining. Doing. GE works. For more information, visit the company's website at www.ge.com.
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