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October 29, 2010
Sheffield Financial, Polaris Industries Sign Exclusive Installment Financing Contract
Clemmons, N.C. -- Sheffield Financial, a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE: BBT), has signed a five-year installment financing contract with Polaris Industries, Inc. effective April 1, 2011.
The agreement allows Sheffield to substantially increase its national market share in the powersports industry by providing installment lending services to Polaris' dealers. It also provides an opportunity to expand Sheffield's employee base.
The contract covers exclusive installment financing for Polaris' snowmobiles, all-terrain vehicles (ATVs), Ranger side-by-side vehicles and Breeze Electric golf cars.
"We at Sheffield are extremely pleased with the confidence Polaris has placed in us to offer financing products to its customers," Jack Snow, Sheffield Financial president, said. "It's an honor to expand our presence in the powersports industry with such a strong partner and proven market leader as Polaris."
Sheffield, founded in 1992 and acquired by BB&T in 1997, is well-acquainted with Polaris' customer base and dealer network. The company signed its first contract with Polaris in February 2009 to provide installment loans to its customers. Since that time, Sheffield has set a proven track record with Polaris dealers.
"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 W. Malone, vice president and chief financial officer for Polaris, said.
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