Issue link: http://read.dmtmag.com/i/687402
www.PowersportsBusiness.com NEWS Powersports Business • June 13, 2016 • 7 Retail financer steps up for dealer awards program Powersports Business announced that Syn- chrony Financial (NYSE: SYF), a premier con- sumer financial services company with 80 years of retail heritage and financing provider to pow- ersports manufacturers and consumer enthu- siasts throughout the U.S., has been named a sponsor of the 2016 Power 50 dealer awards program. The Power 50, the only program of its kind in the industry, annually selects the 50 most outstanding powersports dealerships in North America. With decades in the industry, Synchrony Financial continues to be a provider of retail financing and insights for thousands of deal- erships nationwide. A third-party study conducted for Synchrony Financial in 2014 explores the path to purchase of powersports customers and underscores the importance of financing, finding 76 percent of survey respon- dents who used dealer financing say it helps make large purchases more affordable, and more than half would not have made the pur- chase or gone to another retailer if financing had not been available. Synchrony Financial's 2014 Powersports Path to Purchase Consumer Study was conducted by a third-party and sur- veyed consumers ages 21 and older who made a $500+ purchase in the past six months, or planned to make such a purchase, in the power- sports category. "We are highly appreciative of the long- time partnership we at Powersports Business have had with Synchrony Financial, and their commitment to the Power 50 pro- gram will help us take the event to a new level as we strive to inspire success at the dealership level," said Powersports Business editor in chief Dave McMahon, who also m a n a g e s t h e Power 50 pro- g r a m . " R e t a i l financing can make or break a sale, and with t h e s u p p o r t o f S y n c h r o n y F i n a n c i a l , dealerships are completing the s a l e s p r o c e s s and turning more inventory." "The availability of financing is important for the growth of our powersports part- ners and for consumers at every stage of the purchase process," said Glenn Marino, executive vice president and CEO, Pay- ment Solutions, Synchrony Financial. "From research and consideration to purchase and upgrades, our programs can give power- sports enthusiasts more buying power to purchase the vehicle they really want." Power 50 winners will be announced at the Power 50 Awards Dinner held in October during the American International Motorcycle Expo (AIMExpo) in Orlando. Among the highlights of the celebration is the announcement of the Top 5 dealers in North America, including the No. 1 dealer. In addition, awards are presented to dealers in a variety of Best in Class categories. Power 50 dealers also receive promotion via adver- tisements placed in Powersports Business and in sister publications Rider and Thunder Press. PSB Synchrony Financial to sponsor Power 50 off-the-record for my purposes, but it was awfully interesting to listen (with the help of interpreters) to the dealers and the factory per- sonnel share their ideas for product enhance- ments, design and engineering feedback and other ways that reinforced their partnership as OEM and dealer. Or, as one dealer said at the conclusion, "I'm gonna sell 'em either way." Next up was a stay at the JW Marriott in Jiefangbei, the Central Business District of Chongqing, which happens to have a larger metropolitan population than Beijing. The afternoon was "free time" for the group, with some opting to enjoy the luxurious hotel while others did some exploring. A group walked to the nearby Hongya Cave along the Yangtze River, which brought some familiar Western spots, but none as welcome as the BBQ buffet at the hotel for dinner. The following day, an English-speaking member of the Hisun sales staff took the dealers to her hometown about an hour's drive away, where they enjoyed a traditional lunch and shopping. I ventured off to visit the Harley- Davidson and Ducati dealerships. Following a traditional hot pot dinner (ox stomach, any- one?), it was off to a nighttime cruise on the Yangtze River to see the City of Lights. That was awfully cool to see. An early morning trip to the airport led us onward to Beijing, where another JW Marriott kept us in the lap of luxury. There was no rest for the weary, as we toured Tiananmen Square HISUN CONTINUED FROM PAGE 6 See Hisun, Page 8