- Mahindra implementing programs encouraging dealers to take advantage of one-stop wholesale and retail financing from Mahindra Finance
FLETCHER, NC – February 14, 2019 – (Motor Sports Newswire) – Houston-based Mahindra Finance USA is offering ROXOR dealers ‘one-stop’ floorplan and retail financing solutions. Mahindra is launching several programs to encourage dealers and retail customers to choose Mahindra Finance – giving both seamless access to industry-leading products and services. The program began in October 2018 and to date over half the dealers have already signed on.
“Wells Fargo has been a great partner for us” said Luc de Gaspe Beaubien, VP of Mahindra Vehicles Sales and 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. And, with Mahindra Finance, we can offer easy financing for the options and accessories our customers are adding to their ROXORs. Mahindra has signed 397 dealers to date across the U.S. and Canada.
ROXOR is an off-road only vehicle manufactured in the Detroit area by Mahindra Automotive North America. Mumbai India based Mahindra has been making rugged UVs and trucks dating back to 1947 when it was granted a contract by Willys Overland to manufacture vehicles.
“As we approach the one-year mark for ROXOR, it’s an excellent time to take stock of where we are with the business” said 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.
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. “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.
Binoj Mathai, Deputy Managing Director, Mahindra Finance USA added, “As a captive finance company, we can offer a broader array of financing products to MANA, its dealers and end users. Our inventory financing solutions are tailored to the dealer’s unique business needs to help maximize sales opportunities; in addition, our retail financing solutions offer fast credit decisions, competitive rates and terms up to 84 months.”
About Mahindra Automotive North America
Mahindra Automotive North America (MANA) is the North American headquarters of the $20.7B Mahindra Group’s automotive division. Established in 2013, MANA now employs over 430 people, and in 2018 became the first automotive OEM to launch a manufacturing operation in southeast Michigan in over 25 years when it began producing the ROXOR off-road vehicle in Auburn Hills, MI. Working with affiliate Mahindra teams in India, Italy and Korea, MANA also continues to fulfill its mission as a center of automotive engineering excellence, which includes automotive design, engineering and vehicle development, and is led by a team of veteran industry executives, engineers and designers. For more information, visit www.mahindraautomotivena.com and/or www.roxoroffroad.com
About Mahindra Finance USA
Mahindra Finance USA is a joint venture between Mahindra and Mahindra Financial Services Limited (MMFSL), Mahindra Group’s financial services company headquartered in Mumbai, India, and De Lage Landen Financial Services, Inc. (DLLFS), a fully-owned subsidiary of the Rabobank Group.
Source: Mahindra Automotive North America