Sheffield Financial and Scarab launch new nationwide retail financing partnership

Rhea-AI Summary

Sheffield Financial, a division of Truist Bank (TFC), has announced a new nationwide retail financing partnership with Scarab, a manufacturer of high-performance jet-powered boats. The collaboration will provide Scarab customers with competitive financing options through authorized dealers across the United States.

The partnership leverages Sheffield's 32-year experience in consumer financing and integrates their advanced prequalification technology, allowing customers to check their eligibility without impacting their credit score. The agreement includes mobile-friendly online prequalification, simple online loan contracting, and competitive financing terms.

Sheffield's financing tools will be integrated across various marketing platforms, including dealer websites, social media, and emails, streamlining the boat purchasing process for both first-time and experienced buyers.

Positive

• Expansion of Sheffield Financial's market presence in the high-end boat financing sector
• Integration of digital financing tools across multiple marketing platforms
• Partnership with established boat manufacturer enhances product offering

Negative

• None.

News Market Reaction

+0.50%

1 alert

+0.50% News Effect

On the day this news was published, TFC gained 0.50%, reflecting a mild positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

WINSTON-SALEM, N.C., Jan. 21, 2025 /PRNewswire/ -- Sheffield Financial, a division of Truist Bank and a leader in fast, flexible retail financing, is excited to announce a new national partnership with Scarab, a premier manufacturer of high-performance jet-powered boats. This collaboration will offer Scarab customers streamlined, competitive financing options through authorized dealers across the U.S.

The partnership combines Sheffield's 32 years of expertise in consumer financing with Scarab's cutting-edge jet boats and extensive nationwide dealer network to enhance the boat buying experience. With Sheffield's advanced prequalification technology, customers can quickly see if they prequalify for financing with no impact on their credit score, creating a seamless purchasing process for first-time and experienced buyers alike.

"We're excited to partner with Scarab and help more people experience the thrill of owning one of their high-performance boats," said Susan Andersson, head of national accounts at Sheffield Financial. "This national partnership will give Scarab customers the ability to access simple, fast and competitive financing options that match the high-performance of the boats themselves."

"Scarab is delighted to announce a strategic relationship with Sheffield Financial as our retail lending partner for our U.S. dealer distribution network," said Don Smith, brand director at Scarab jet boats. "This partnership will benefit both the Scarab dealer and the jet boat buyer with competitive retail financing offers for the U.S. market."

Through this partnership, Scarab dealers and customers will benefit from Sheffield's innovative tools, including mobile-friendly online prequalification, simple online loan contracting and competitive financing terms that simplify the financing process. These tools will be integrated across marketing platforms, including dealer websites, social media, emails and more, creating a seamless and efficient way for customers to finance their dream boat.

About Sheffield Financial
Sheffield Financial, a division of Truist Bank, Member FDIC, is a trusted leader in providing simple, easy and fast installment financing to the marine, powersports, compact tractor, outdoor power equipment, and trailer industries. Founded 32 years ago, Sheffield Financial has grown into a powerhouse serving hundreds of leading brands and financing millions of customers across the USA. Backed by Truist Bank, one of the largest financial service holding companies in the USA, Sheffield Financial offers innovative financial options, friendly service and simple, easy and fast retail financing to help manufacturers and dealers drive more retail sales. Learn more at SheffieldFinancial.com.

About Truist
Truist Financial Corporation (NYSE: TFC) is a purpose-driven financial services company committed to inspiring and building better lives and communities. As a leading U.S. commercial bank, Truist has leading market share in many of the high-growth markets across the country. Truist offers a wide range of products and services through our wholesale and consumer businesses, including consumer and small business banking, commercial banking, corporate and investment banking, wealth management, payments, and specialized lending businesses. Headquartered in Charlotte, North Carolina, Truist is a top-10 commercial bank with total assets of $531 billion as of Dec. 31, 2024. Truist Bank, Member FDIC. Learn more at Truist.com.

About Scarab
Scarab specializes in high-performance jet-powered boats, offering a range of models from 16 to 28 feet designed for both fun and adventure on the water. Powered by Rotax® engines, Scarab boats offer powerful acceleration, superior maneuverability, and innovative features for watersports, fishing, and recreational boating. Scarab jet boats are known for their sleek design and cutting-edge technology, making them a top choice for boating enthusiast as the Outperformer.

Scarab jet boats is a boat brand within Groupe Beneteau, a world leader in the marine industry with more than 135 models of pleasure craft to meet the diverse needs and sailing projects of its customers, whether sailing or motoring, monohull or catamaran.

For more information, visit: www.scarabjetboats.com/.

View original content:https://www.prnewswire.com/news-releases/sheffield-financial-and-scarab-launch-new-nationwide-retail-financing-partnership-302355637.html

SOURCE Sheffield Financial

FAQ

What are the terms of Sheffield Financial's new partnership with Scarab for TFC shareholders?

The partnership offers competitive financing options through authorized Scarab dealers nationwide, including online prequalification and loan contracting, though specific financial terms were not disclosed.

How will the Sheffield-Scarab partnership affect TFC's retail financing business?

The partnership expands Sheffield Financial's presence in the high-performance boat financing sector and integrates their financing tools across Scarab's dealer network.

What digital financing tools does Sheffield Financial offer under the new Scarab partnership?

Sheffield offers mobile-friendly online prequalification, online loan contracting, and integration across dealer websites, social media, and email platforms.

How does Sheffield Financial's prequalification process impact customer credit scores?

Sheffield's advanced prequalification technology allows customers to check if they qualify for financing with no impact on their credit score.