Nov. 8, 2010 – Finance Digest
November 8, 2010
Filed under Features
Sheffield, Polaris extend financing contract
Sheffield Financial and Polaris Industries Inc. have agreed to a five-year installment financing contract that begins April 1, 2011, according to a press release.
Under the contract, Sheffield will be the exclusive retail lender for Polaris’ snowmobiles, ATVs, UTVs and Breeze Electric golf carts.
“We at Sheffield are extremely pleased with the confidence Polaris has placed in us to offer financing products to its customers,” said Sheffield Financial president Jack Snow in the release. “It’s an honor to expand our presence in the powersports industry with such a strong partner and proven market leader as Polaris.”
Snow told?Powersports Business the company plans to add 100 employees during the length of the contract to assure proper service to Polaris dealers. In fact, Snow said Sheffield had plans to hire 30 new employees in November.
Sheffield, which will provide installment lending services to Polaris dealers, believes the move will expand its market share in powersports. Polaris began working with Sheffield in February 2009.
“Sheffield has proven this relationship is one that we can count on to handle our customers’ financing needs while offering exceptional service to our dealer network,” Michael Malone, vice president and chief financial officer for Polaris, said in the release.
UTI to move Arizona headquarters
The headquarters of Universal Technical Institute are relocating next year to the north Phoenix/Scottsdale border in Arizona, according to published reports.
UTI is currently housed in Phoenix. However the school’s seven-year lease will be up at the end of the year, so the institute is moving to a location with more space. The agreement is “good economically” for the company, spokeswoman Tina Miller told The Arizona Republic.
UTI will lease two floors with a total of 85,000 square-feet of space at the MAX at Kierland, an office building near the upscale Kierland Commons shopping center. The larger facility will allow UTI to hire 25 more people in addition to its current staff of 400.
Vehicle remarketing company acquires Minnesota business
QCSA Holdings Inc., which operates in the industry under its subsidiary brands SalvageDirect.com and CrashedToys.com, has expanded its holdings.
The vehicle remarketing and total loss claims management company recently acquired and will be uniting forces with Insurance Salvage Recovery, a full-service salvage auction facility based in Ham Lake, Minn.
An independently owned and operated company since 2001, Insurance Salvage Recovery, provides its customers with personalized salvage management and top-notch customer service, and will continue to do so as part of the QCSA Holdings family of companies, a press release stated.
“We look forward to continuing to serve ISR’s customers with the added benefits and resources of partnering with QCSA Holdings,” said Jason Hemp, president of ISR.
ISR’s facility in Ham Lake, Minn., will become part of the QCSA’s salvage vehicle remarketing network, joining more than 80 locations that re-market more than 120,000 vehicles annually.
“We are thrilled to have Jason Hemp and his team on board with us,” said John Lindle, CEO of QCSA Holdings. PSB