Yamaha has established a new subsidiary to provide financing for U.S. customers. Yamaha Motor Finance Corporation, USA will operate in addition to the manufacturer’s current financing partners, Capital One and Synchrony Financial, with a primary mandate of serving younger first-time buyers.
“Yamaha Motor Finance will primarily focus on younger, first-time buyers and those re-establishing their credit,” says Kim Ruiz, the newly-named chief executive officer of Yamaha Motor Finance, USA. “By focusing on this underserved market, Yamaha Motor Finance can help customers establish a good credit track record while attracting them into the Yamaha brand.”
The focus on first-time buyers is a good idea, as customers in that demographic are just starting to establish a credit history or dealing with student debt. It also doesn’t hurt that Yamaha has just introduced a new entry-level model in the YZF-R3.
“Yamaha Motor Finance is an exciting new tool that will help our dealer partners expand their business and grow future retail sales by supporting an otherwise underserved consumer group,” says Terry Okawa, president and CEO of Yamaha Motor USA.
The new company will begin working with a small group of dealers this month before expanding to other U.S. dealers through the year. Yamaha hopes to get set up across all 50 states by early 2016.
Helping Ruiz reach that goal is Jeff Young, executive vice president and chief operating officer. Young previously served as president and CEO for Mitsubishi Motors’ financing arm.
“I’m excited to join the Yamaha team at this important period in its history,” says Young. “Through controlled growth in this underserved financing segment, Yamaha Motor Finance will make a real difference in our customers’ brand experiences while contributing directly to the success of YMUS and our dealer partners.”