Sheffield Financial and American Suzuki Motor Corporation sign three-year financing services agreement

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Apr 13, 2011, 06:33 ET

CLEMMONS, N.C., April 13, 2011 /PRNewswire/ -- Sheffield Financial, a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE: BBT), has renewed and expanded its three-year financing services agreement with American Suzuki Motor Corporation effective immediately.

The new contract covers both installment and revolving financing for motorcycles, scooters, ATVs and UTVs manufactured in the United States through a network of authorized dealers.

Sheffield has a strong commitment to Suzuki and its dealers and customers. "Suzuki was willing to take a chance on us while we were still relatively unknown in the powersports industry," said Jack Snow, Sheffield Financial president. "We have never exited an industry that we entered and we don't forget those companies who helped us get to where we are today."

Working with major companies such as Suzuki allowed Sheffield to have the largest market share gain among all the national powersports lenders in the past year according to an industry survey as reported by PowerSports Business.

Sheffield, founded in 1992 and acquired by BB&T in 1997, is well-acquainted with Suzuki's customer base and dealer network. The company signed its first contract with Suzuki in April 2008 to provide revolving loans to its customers. Since that time, Sheffield has set a proven track record with Suzuki's dealers.

"Sheffield is an innovative lender that can adapt quickly to changes in the marketplace," said Dirk Gould, finance manager, American Suzuki Motor Corporation "With the strong financial backing of BB&T, Sheffield was able to maintain a business-as-usual attitude during the recent credit crunch. Having a lender we know will be there in good times and in bad is one of our main priorities when choosing a financial partner."

About Sheffield Financial

Clemmons, N.C.-based Sheffield Financial is a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE: BBT). Sheffield, which has financed more than $5 billion in loans since its founding in 1992, currently services more than 30,000 outdoor power equipment, powersports and trailer dealers nationwide. The company provides retail financing options in all 50 states for outdoor power equipment, trailers and powersports equipment such as snowmobiles, all-terrain vehicles, utility vehicles, personal watercraft and motorcycles. For more information about Sheffield Financial, visit www.sheffieldfinancial.com. For more information about BB&T, visit www.BBT.com.

About American Suzuki Motor Corporation

The Brea, Calif.-based Operations of American Suzuki Motor Corporation (ASMC) was founded in 1963 by parent company Suzuki Motor Corporation (SMC) and currently markets its vehicles in the United States through a network of approximately 300 automotive dealerships and numerous other motorcycle, ATV and marine distributors in 49 states. With global headquarters in Hamamatsu, Japan, SMC is a diversified worldwide automobile, motorcycle, and outboard motor manufacturer. In 2009, SMC sold more than 2.3 million new cars and trucks and more than 2.8 million motorcycles and ATVs. Founded in 1909 and incorporated in 1920, SMC has operations in 196 countries and regions. For more information, visit http://www.suzukicycles.com. Suzuki can also be found on Twitter (@SuzukiScoop), and Facebook (http://www.facebook.com/suzukiscoopfans).

SOURCE Sheffield Financial