GE Capital to finance commercial purchases of GEM
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. (NYSE: 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.”