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GE Capital to Finance Polaris Commercial Electric Motorcars

May 03, 2013, 07:15 AM
Filed Under: Industry News

GE Capital Equipment Finance has signed a three-year agreement to provide financing for commercial purchases of Global Electric Motorcars (GEM). Owned by Polaris Industries Inc., 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.”

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.

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