Mahindra Finance USA is now offering ROXOR dealers ‘one-stop’ floorplan and retail financing solutions. Mahindra is launching several in-house programs to encourage dealers and retail customers to choose Mahindra Finance, providing both with seamless access to industry-leading services. The captive finance deal comes at the expense of Wells Fargo.
“Wells Fargo has been a great partner for us,” said Luc de Gaspe Beaubien, VP of Mahindra Vehicles Sales & Service. “We signed over 300 top powersports dealers in less than 90 days last year and we couldn’t have done it without Wells Fargo. But our dealers are always looking to streamline their operations and to be able to offer a one-stop solution for wholesale and retail financing will help us collectively optimize our business.”
To date, Mahindra has signed 397 ROXOR dealers across the U.S. and Canada. “As we approach the one-year mark for ROXOR, it’s an excellent time to take stock of where we are with the business” added Rick Haas, President & CEO, Mahindra Automotive North America. “Being part of the Mahindra Group of Companies, Mahindra Finance knows us well – and they know the market too – having been instrumental in growing our 25-year old U.S. tractor business. Consolidating lending with Mahindra Finance will bring efficiencies inside the company but more importantly it gives our dealers and customers a one-stop set of solutions that they can have confidence in."
The shift-to-Mahindra Finance plan is targeted to be completed by June 7th, but Mahindra expects to have most dealers offering Mahindra Finance retail programs by March 1st. Mahindra will continue to offer financing programs from other lenders. “We are very excited about the opportunity to partner with Mahindra Automotive North America and help bring the ROXOR brand to market across the U.S.” said Kevin O’Hara, Managing Director, Mahindra Finance USA.
Mahindra Finance USA is the primary financier of Mahindra’s U.S. based companies. With over a billion-dollar portfolio and 100,000 Mahindra customers across the U.S., Mahindra Finance USA is committed to dealers and customers in the powersports industry.