“GE saw a need for bike financing, which has traditionally been an underserved segment,” said Dennis Murphy, vice president of GE Money’s sporting goods industry. “The GE Money Sport Finance program can help bike dealers stimulate traffic and drive repeat sales by providing customers with a fixed line of credit. The card can be a great sales tool, especially for higher-end purchases and to ensure that riders don’t put off buying the gear they need to ride safely.”
Because the credit card is used exclusively in one store, the average ticket is higher than a purchase made with multi-purpose credit cards. In fact, GE Money research finds that, on average, consumers making their first purchases with the card spend $1,000 more than cash-paying customers.
Sales Finance supports the GE Money Sport Program with a package of services, including complete funding of purchases within 48 hours, complementary marketing materials and in-store training for staff members. To expedite the application process, dealers have a dedicated computer terminal for online application processing, giving approved customers credit they can use immediately.
Deferred interest payment plans range from three to 12 months. When purchases are paid off on time, consumers can use the card as a revolving line of credit, promoting more sales and building store loyalty.
“The consumer financing program is another opportunity to provide our dealers a service that can increase their sales,” said Todd Cravens, director of sales and customer service for QBP. “Sales Finance has the size, stability and resources to create a program that is easy to use and responsive to the needs of our customers. We believe this program will help dealers stimulate store traffic and sales.”
About Quality Bicycle Products
Based in Bloomington, Minn., QBP is a leading distributor to the cycling industry. QBP offers domestic and international retailers a wide array of products and services, including a 1,500-page catalog, a robust online ordering system, a renowned custom wheel service, a specialty bike-building program and more. QBP continues to be an active advocate for the cycling industry. For more information, visit: www.QBP.com.
About GE Money and Sales Finance
Sales Finance, based in Kettering, Ohio, is part of GE Money, formerly GE Consumer Finance, and provides private label credit card programs, marketing, installment lending, service contracts and financial services for national and regional retailers in more than 20 industries including: sporting goods, home improvement, outdoor power equipment, powersports, automotive, recreational vehicles, consumer electronics and appliances, furniture, floor covering, marine, music, jewelry, and health care.
With more than $190 billion in assets, GE Money, a unit of General Electric Company (NYSE:GE), is a leading provider of credit services to consumers, retailers and auto dealers in more than 54 countries around the world. GE Money, based in Stamford, Conn., offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at www.gemoney.com.
GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world’s toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit www.ge.com.
