Yamaha Motor Corp., USA (YMUS) announced on March 30 that it has established Yamaha Motor Finance Corporation, USA (YMFUS) to provide an all-new captive finance solution through Yamaha’s national network of dealer partners. Yamaha made the formal announcement during a special ceremony at the YMUS headquarters in Cypress, Calif.
“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,” said Terry Okawa, president and CEO of YMUS.
The new company will provide added retail financing solutions that complement the existing arrangements that Yamaha has with Capital One and Synchrony Financial. Kim Ruiz has been appointed president and CEO of the new company.
“Yamaha Motor Finance will primarily focus on younger, first-time buyers and those re-establishing their credit,” she said. “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.”
Yamaha Motor Finance began operations with a small group of dealers in March 2015 and will continue rolling out to US dealers throughout 2015 with an initial goal of being in all states by early 2016.
To manage daily operations, Yamaha Motor Finance hired Jeff Young to serve as executive vice president and chief operating officer. Prior to joining Yamaha, Young served as president and CEO of Mitsubishi Motors’ financing arm, and prior to that, he served in various roles at Ford Motor Company.
“I’m excited to join the Yamaha team at this important period in its history,” Young said. “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.”
Yamaha Motor Finance will operate from YMUS headquarters in Cypress, Calif.