finance

Royal Enfield offers Assured Motorcycle Buyback Program

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Royal Enfield is now offering an opportunity for buyers to get assured resale value for the purchase of their new motorcycle. This is made possible with Enfield’s new ‘Assured Buyback Program’. The two-wheeler giant has partnered with OTO Capital for the buyback program, promising guaranteed buyback value of up to 77 percent depending on customer’s selected tenure. Flexible purchase tenures spanning from 1-3 years are on offer, ensuring customers up to 45 percent lower EMIs with guaranteed buyback value as per the ownership period. OTO Capital is offering a cashback incentive at the end of the tenure in a first-of-its-kind initiative. Enfield is calling it a seamless ownership experience. Customers have the option to either trade in their existing motorcycle for a new RE offering or return their motorcycle when their choice of tenure ends. Apart from this, lower EMIs will translate to a lower cost of ownership for customers. Commenting on the launch, B Govindarajan, CEO – Royal Enfield, said, “At Royal Enfield, we always prioritise the customer. Right from the stage of motorcycle conception and development, all the way to designing in-store and in-use consumer experiences, we always endeavour to create what consumers want. The Assured Buyback Program shows our commitment to making motorcycle ownership more seamless, more accessible and more fun for potential riders. Offering a first-of-its-kind, innovative solution, this programme is designed as a promise to consumers for complete peace of mind, so they can absolutely enjoy a pure motorcycling experience with Royal Enfield.” For now, Royal Enfield Assured Buyback Program will be available in 12 cities including Delhi, Ghaziabad, Noida, Lucknow, Jaipur, Bhopal, Indore, Ahmedabad, Pune, Hyderabad, Bengaluru, and Chennai. This scheme will later extend to other cities in the future. Refer: https://www.royalenfield.com/in/en/finance/assured-buyback/ * * * * * * * * * * * * […]

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Harley-Davidson Announces New Chief Financial Officer

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  from https://motorcycles.einnews.com /EIN News/ — Milwaukee, Sept. 21, 2020 (GLOBE NEWSWIRE) — Harley-Davidson, Inc. (“Harley-Davidson”) (NYSE:HOG) announced that Gina Goetter, a top finance executive at Tyson Foods, will join the company as Chief Financial Officer, effective September 30. Goetter has more than twenty years of experience driving strong financial and operational results and leading transformational change. Most recently, she served as Senior Vice President and CFO of Tyson Foods’s prepared foods segment, where she led the reinvention of the segment’s business model to stabilize cash flow and right-size the cost structure. Prior to Tyson Foods, Goetter held various global leadership positions with General Mills, Inc., where she led business model re-engineering and optimized procurement strategies and logistics. Goetter earned a Bachelor of Science in Finance and Economics from the University of Wisconsin – La Crosse and an MBA with a dual concentration in Finance and Marketing from Boston College. “Gina is a CFO with the experience to drive a transformation of core processes and reporting for improved operational efficiency, build a global shared services model and modernize accounting and controls,” said Jochen Zeitz, chairman, president and CEO of Harley-Davidson. “She will add to the fresh perspectives and new capabilities now represented at the leadership level that complement the experienced talent that has been promoted from within. We have a diverse management team structured in a new way that is designed to fuel Harley-Davidson’s brand desirability and lead Harley-Davidson as a high-performing organization.” Darrell Thomas, who assumed the role of interim CFO, will continue as Vice President and Treasurer. The company is currently continuing through The Rewire, Harley-Davidson’s efforts to, among other things, overhaul its operating model. The Rewire is planned to continue through the end of 2020, leading to The Hardwire, a new strategic plan for 2021-2025. Company Background

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Warren Buffett loaned $300 million to Harley-Davidson during the financial crisis

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by Theron Mohamed from https://www.yahoo.com Warren Buffett loaned about $300 million to Harley-Davidson during the financial crisis. “It was the bridge we needed to get us through a rough time,” the motorcycle maker’s finance chief said in 2014. Buffett’s Berkshire Hathaway probably netted about $150 million in profit from the five-year loan, but could have made more than $1 billion if it had invested $300 million in Harley-Davidson stock over the same period. “I knew enough to lend them money; I didn’t know enough to buy the equity,” Buffett later explained. Warren Buffett loaned a little over $300 million to Harley-Davidson in February 2009, when the famous motorcycle maker was reeling from a one-two punch of weaker demand and a cash crunch during the financial crisis. A few weeks earlier, Harley-Davidson unveiled a three-part plan to weather the downturn: invest in its brand, cut costs, and find the money to cover its financing division’s roughly $1 billion in yearly costs. The first two elements translated into targeting younger and more diverse riders; closing plants, combining operations, and outsourcing some distribution; and laying off about 1,100 employees or about 12% of its workforce. However, paralyzed credit markets made it tricky to fulfill the third part of the plan. The company ultimately decided to borrow from its largest shareholder, Davis Selected Advisers, as well as Buffett’s Berkshire Hathaway. The pair effectively loaned it a combined $600 million for five years at a hefty 15% annual interest rate. “It was the bridge we needed to get us through a rough time,” Harley-Davidson’s finance chief, John Olin, told Fortune magazine in 2014. The group needed the cash to continue offering financing to motorcycle dealerships and retail customers, and to keep its production lines humming, Olin continued. The high-interest loan was its only option to

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Harley-Davidson finance exec to take over global sales function

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from https://www.newsbreak.com Milwaukee-based Harley-Davidson Inc. has promoted Larry Hund to chief commercial officer of Harley-Davidson Motor Co., giving him responsibility for the motorcycle maker’s global sales function. Larry Hund is the President and Chief Operating Officer of Harley-Davidson Financial Services (HDFS), a wholly-owned subsidiary of Harley-Davidson, Inc. A 30-year financial services veteran, Hund held a wide range of executive roles throughout his career. Upon joining HDFS in 2002, Hund served as Vice President of Operations and Chief Financial Officer and was also Interim Chief Operating Officer from July 2006 to January 2007. Hund left HDFS in 2007 to join a start-up finance company and rejoined HDFS in June 2009. Earlier, he spent 17 years at Heller Financial, Inc., and in the six years prior to Heller’s purchase by GE Capital served as Executive Vice President and Controller. Hund is a Certified Public Account, earned a Bachelor of Business Administration degree in Accounting from Chicago’s Loyola University and a Master of Business Administration degree from the University of Chicago. He serves as a member of the Board of Directors of the American Financial Services Association.

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Kawasaki Announces New Agreement with Roadrunner Financial to Offer Financing for Credit Builders and First-Time Buyers

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Foothill Ranch, Calif. – Kawasaki Motors Corp., U.S.A. is pleased to announce a new financing agreement with Roadrunner Financial to offer competitive near-prime loans to Credit Builders with 550-660+ FICO scores. Roadrunner delivers a revolutionary lender experience through digital applications with instant decisions, comprehensive credit coverage, and unbeatable dealer and customer support. Kawasaki joins a group of Powersports and Outdoor Power Equipment partners that utilize Roadrunner Financial to bring great finance offers to their customers. The relationship with Kawasaki allows Roadrunner to offer an enhanced program with improved near-prime rates with no fees for dealers. “Roadrunner Financial is a key addition for Kawasaki and our dealers” said Kawasaki Senior Vice President, Sales and Operations Bill Jenkins. “The focus on a near-prime credit program will offer dealers new opportunities for financing customers on Kawasaki powersports products.” “Roadrunner will give Kawasaki dealers a new tool to close deals that would usually walk out the door.” When asked about the new financing agreement, Jon Vestal, VP of Sales at Roadrunner Financial said, “We’re very excited to strengthen our relationship with Kawasaki. By targeting near-prime, we plan to deliver significant incremental sales for Kawasaki in 2020 and beyond.” This new Kawasaki program from Roadrunner Financial will be available to Kawasaki dealers starting March 1st, 2020. About Roadrunner Financial: Roadrunner Financial offers financing for customers across the entire credit spectrum. Roadrunner’s credit program suite includes ‘Roadrunner Prime’, ‘Roadrunner Credit Builder’ for customers down to 550 FICO, a first-time buyer program, ‘Roadrunner Lease’, and a pre-owned vehicle program. Founded in 2016 and based in New York, Roadrunner helps dealers finance more customers by taking the traditional hassles of lending and replacing them with one seamless process that can take as little as a few minutes. Roadrunner’s unique financing experience offers instant decisions, electronic contracting, and financing for more than

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U.S.A. Now Has More Millionaires Than Sweden Has People

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FROM: www.FunTagger.com Tag – Good news USA continues to prove that it is indeed the “Land of Opportunity” – “The Promised Land” – a place where anyone with true enterprise can achieve “The American Dream”. The number of wealthy households in the U.S. reached a new high last year, roughly equivalent to the entire population of Sweden or Portugal. More than 10.2 million households had a net worth of $1 million to $5 million, not including the value of their primary residence, according to a survey by the Spectrem Group. That’s an increase of 2.5 percent from 2017. READ News Story at: FunTagger.com by Clicking here

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Vanderhall Chooses Synchrony For Consumer Financing Options

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VANDERHALL MOTOR WORKS CHOOSES SYNCHRONY FOR CONSUMER FINANCING OPTIONS Fast-Growing Vehicle Manufacturer Looks To Leverage Synchrony’s Financial Tools Vanderhall Motor Works today announced it has secured an agreement for Synchrony (NYSE: SYF) to provide consumer financing in the U.S. As the preferred financing partner for Vanderhall, Synchrony will provide the company’s fast-growing U.S. dealer network with financing options for the Vanderhall lineup, including the brand-new Carmel Roadster and all-electric Edison². Dealers will have access to a variety of Synchrony’s financial tools, including the Installment Loan Estimator — which can help consumers with financing decisions. “Synchrony will provide our dealer network with promotional financing options to our retail consumers,” said Jeff Whaley, vice president of Sales and Operations for Vanderhall. “Our new partnership will play a huge roll in our immediate growth in the autocycle arena. We are going to roll out some very aggressive financing offers to our retail consumers, and Synchrony provides all the tools that our dealers need to be successful.” For more information or to locate your closest dealer, please visit Vanderhall Motor Works Inc. at vanderhallusa.com About Synchrony Synchrony (NYSE: SYF) is a premier consumer financial services company delivering customized financing programs across key industries including retail, health, auto, travel and home, along with award-winning consumer banking products. With more than $140 billion in sales financed and 80.3 million active accounts, Synchrony brings deep industry expertise, actionable data insights, innovative solutions and differentiated digital experiences to improve the success of every business we serve and the quality of each life we touch. More information can be found at www.synchrony.com and through Twitter: @Synchrony. About Vanderhall Vanderhall Motor Works delivers the feel of yesteryear with modern performance in a unique package. The aim of our products is to remain timeless while appealing to the Sunday cruiser and

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