Suzuki Australia Chooses GE Money To Get Customers On Their Bikes

03/02/2010

GE Money to provide retail finance for Suzuki’s national motorcycle dealer network, building on its recent wholesale floor plan agreement with GE Capital.

Melbourne: 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.

Perry Morison, General Manager, Motorcycles of Suzuki Australia, explained, “This is the latest finance initiative to support our dealers and will enable them to better meet the needs of Suzuki’s customers. 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,” Mr Morison explained.

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. 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.”

Ms 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 said.

About Suzuki Australia Pty Ltd - Motorcycles

Suzuki Australia is a wholly-owned subsidiary of Suzuki Motor Corporation of Japan. Originally a weaving loom manufacturer, Suzuki moved into motorcycle manufacturing in 1952 and first entered the Australian market in 1980. Since then, the brand has become a global motorcycle manufacturing powerhouse and in Australia, is the third-largest selling brand. Famous here for its benchmark Suzuki GSX-R sports bikes, Suzuki also retails a full range of Sports Tourers, Cruisers, Naked models, Scooters, Off-road, Dirt, Farm and ATV motorcycles. Suzuki's full range can be viewed at www.suzuki.com.au.

About GE Capital and GE Money

GE Capital in Australia and New Zealand is part of the global GE Capital business, which operates in 55 countries around the world. Locally it has $28B in assets under management and offers its 3.1 million customers a broad range of innovative consumer and commercial finance products. These include GE Money’s personal loans, credit cards, motor loans, personal insurance and interest-free promotional and retail offers, while GE Capital’s commercial finance divisions offer distribution finance, fleet management and leasing, supply chain finance, insurance and real estate finance. More information can be found at www.gecapital.com.au.