ST. PAUL, Minn. & BEDFORD, N.H.--(BUSINESS WIRE)--May 31, 2006--GE Consumer Finance's Retail Sales Finance unit and Segway Inc. today announced a new multi-year relationship to provide revolving financing on the purchase of Segway(R) Human Transporters (HTs) and accessories under GE's FUNancing Card program. The program is available as of June 1, 2006 at any participating Segway Authorized Dealer in the U.S.
The FUNancing program with Segway will allow customers to enjoy reasonable monthly payments, competitive interest rates and seasonal financing programs on the purchase of Segway HTs and accessories.
"With gas prices at an all-time high, people are taking a second look at alternative transportation options like the Segway HT. GE gives customers a convenient way to purchase a new Segway HT for manageable monthly payments, while owning a Segway HT gives them the opportunity to save money by avoiding the expense of gas, insurance and traditional maintenance," said Jason Barton, vice president of sales, Segway Inc. "This relationship will make Segway products more accessible to our customers at a time when people are eager to explore more energy-efficient modes of transportation."
The Segway HT is a zero-emissions, electric transportation device that gives people a real alternative to the car for short-distance trips that are too far to walk and too short to drive. The Segway HT emits no pollution and has the energy efficiency equivalent to 450 miles per gallon. The Segway HT goes up to 24 miles(1) on a single battery charge and costs only pennies per mile to operate.
"This relationship is an exciting expansion into a new market of consumer financing, while complementing our expertise in other power product areas such as marine, recreational vehicles and motor sports," said Glenn Marino, president of GE Consumer Finance's Retail Sales Finance unit. "We have significant experience with hobby and lifestyle financing programs, and look forward to working with Segway dealers to drive consumer interest in this evolving transportation technology."
About Retail Sales Finance and GE Consumer Finance
Retail Sales Finance, based in Kettering, Ohio, is part of GE Consumer Finance and provides private label credit card programs, marketing, installment lending and financial services for national and regional retailers in key industries: powersports, home improvement, outdoor equipment, automotive/recreational vehicles, consumer electronics and appliances, furniture, floor covering, music, jewelry, and health care. With $163 billion in assets, GE Consumer Finance, a unit of General Electric Company (NYSE: GE), is a leading provider of credit services to consumers, retailers and auto dealers in approximately 50 countries around the world. GE Consumer Finance, based in Stamford, Connecticut, offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com.
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
About Segway
Segway Inc. develops intelligent motion control technology known as Segway(R) Smart Motion(TM) that is embedded in the light electric transportation devices it manufactures, such as the well-known Segway(R) Human Transporter (HT). This technology is also licensed for use in other innovative products made by third-party companies. Segway Smart Motion provides intelligent motion control that enables a device to monitor its environment, control its motion and make decisions about how it should move.
Segway markets a full line of zero-emissions Segway HTs that deliver impressive energy efficiency--equivalent to 450 miles per gallon. Commercial and institutional customers are using the Segway HT to make their operations more efficient and consumers are using it for short-distance trips. The company's line of Segway Robotic Mobility Platforms (RMPs) offers researchers, government and military organizations intelligent, reliable, durable mobility solutions for robotic applications.
Segway Inc. has a distribution network of 100 Segway Authorized Dealers in the U.S. and 38 Segway Authorized Distributors with dealers in 55 countries. Segway HTs can be purchased at Segway Authorized Dealers and Distributors or by calling 1-866-4SEGWAY. For additional information about Segway and to find dealer locations, please visit www.segway.com. Press materials and digital images are available through the Segway Press Center at www.segway.com/news.
(1) Range varies by model, terrain, riding style and payload
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Contacts GE Consumer Finance
Cristy Williams, 678-518-2596
[email protected]
or
Segway Inc.
Carla Vallone, 858-259-1282
[email protected]
Cristy Williams
[email protected]
678.518.2596