News 3 Feb 2010

General: Suzuki selects GE Money for retail financing

GE Capital’s retail finance business, GE Money, will this month start providing retail finance programs through Suzuki Finance to the Suzuki Australia Motorcycle dealer network.

This agreement is the latest development in a growing strategic partnership which will see Suzuki motorcycle dealers offer a competitive retail finance program to customers for all new and used product. The retail program will commence with a pilot starting on 15 February before being rolled out to the 130-strong Suzuki dealer network in the second quarter of 2010.

This deal follows an agreement struck in July 2009 to make GE Capital Suzuki’s exclusive floor plan financier, offering interest-free wholesale finance programs to assist Suzuki motorcycle dealers to manage cash flow and stock levels.

“This is the latest finance initiative to support our dealers and will enable them to better meet the needs of Suzuki’s customers,” explained Perry Morison, motorcycle general manager of Suzuki Australia. “We’re keen to build on our strong sales performance of 2009, and believe that the finance programs we offer through GE Capital – both in wholesale finance and now by providing a retail finance option – will assist us to drive even stronger growth in 2010.

“Already our dealers are seeing the benefit from GE Capital’s wholesale expertise. We believe that taking the strategic partnership to the next level whereby our customers can take advantage of a strong retail finance offering will enable our dealers to win in the competitive motorcycle market.”

Lisa Davis, managing director of GE Money Direct at GE Capital, agrees.

“This partnership underpins the confidence that GE Capital enjoys in the Australian motorcycle industry,” she commented. “The GE Money side of the business has extensive experience in retail finance. As such we understand and have developed products that meet the needs of Suzuki, its dealer network and their customers. This new agreement will complement our wholesale floor plan expertise very well and provide a more holistic service to Suzuki.”

Davis believes a partnership like this showcases GE Capital’s capability to deliver retail finance in the Australian motorcycle segment.

“While GE Money exited car dealership finance in 2008, we have continued with our direct-to consumer motor loans as well as retail finance in the niche recreational product and motorcycle sectors. These sectors have unique needs that we are well placed to service,” she concluded.