GE Capital to Finance Commercial Purchases of Global Electric Motorcars
Expands 25+ year relationship with GEM parent Polaris
IRVING, Texas -- May 02, 2013
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
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 (NYSE: 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.
GE Capital, Americas
Lisa Tibbitts, 203-956-4582
Polaris Industries Inc.
Marlys Knutson, 763-542-0533
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