Mississauga, Ontario - 28 september 2006 - GE Money, the Canadian consumer-lending unit of the General Electric Company (NYSE: GE), today entered an agreement with Arctic Cat (NASDAQ: ACAT) to provide financing for the purchase of Arctic Cat equipment at all of its Canadian dealerships.
"We are excited about the opportunity to work with Arctic Cat and its dealers. The company has a great reputation and a lengthy history in the industry," said Valerie Gregory, General Manager of Powersports retail financing at GE Money Canada. "We look forward to putting our unique approach to retail financing to work to help them continue to grow in Canada."
The buying pattern is changing - more and more consumers want to finance their Arctic Cat snowmobile or ATV through the dealer. "We needed a retail finance partner to help our dealers grow the business, the answer was clear: GE Money," says Brad Darling, Arctic Cat's National Sales Manager. "Our goal is simple: increase our market share while making our dealers more profitable and GE Money has tailored retail finance programs to accomplish this goal."
GE Money's approach to financing offers special promotional and everyday financing options, prompt credit decisions and funds within 48 hours. This enables retailers to provide faster service to their clientele and has been shown to contribute to an increase in sales.
"Our clients are finding out what we've been saying all along," adds Gregory. "GE Money's approach to recreational product financing helps them to grow sales and revenues. By offering dealers innovation, speed in processing and funding, and by delivering on our service promise, our partners are able to complete sales transactions more often and with greater efficiency. This is what our partners and their dealers need to compete and grow in the industry."
With more than $163 billion in assets, GE Money, a unit of General Electric Company, is a leading provider of credit services to consumers, retailers and auto dealers in 50 countries around the world. Based in Mississauga, Ontario, GE Money Canada provides private label credit card and MasterCard programs to consumers, and lending options for retailers in key industries across the country. GE Money also is a provider of alternative residential mortgages. More information can be found at www.gemoney.ca.
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 the company's Web site at www.ge.com.
In Canada, GE has more than 10,000 employees, 19 major manufacturing plants and more than 150 sales and service locations across the country.
The Arctic Cat brand name has existed for over 40 years and is among the most widely recognized and respected names in the snowmobile industry. We're equally proud to make Arctic Cat ATVs, too. They represent our dedication and commitment to advanced manufacturing techniques, engineering innovation and industry leadership.
Arctic Cat Inc., based in Thief River Falls, Minnesota, designs, engineers, manufactures and markets snowmobiles and all-terrain vehicles (ATVs) under the Arctic Cat brand name, as well as related parts, garments and accessories. The Company markets its products through a network of independent dealers located throughout the United States and Canada, and through distributors representing dealers in Europe, the Middle East, Asia and other international markets. The Arctic Cat brand name is among the most widely recognized and respected names in the snowmobile and ATV industry.
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Howard Masto
Masto Public Relations
[email protected]
1-518-786-6488