BETHEL, CT (BRAIN)—Cannondale Sports Group is the latest bike supplier to offer a consumer financing program through its dealers.
Cannondale Sports Group announced its partnership with GE Money on Monday for a multi-year agreement to provide a consumer financing program to CSG dealers nationwide.
The program begins Jan. 15.
Customers can use the card at participating dealers to purchase Cannnondale, GT, Schwinn and Mongoose products.
“Bicycling has long been a favored pastime in the U.S., and today’s economy makes riding a bike even more appealing,” said Bruno Maier, executive vice president of marketing for Cannondale Sports Group. “As more people look to purchase bicycles and accessories, we’re excited to work with GE Money to provide a financing program that makes these purchases more convenient and cost effective. It’s another value added service from Cannondale for the many who want to buy our bikes.”
“Riding a bike offers a host of benefits, including better health, saving money on gas, and reducing CO2 emissions,” added Dennis Murphy, vice president of sporting goods sales finance for GE Money. “The GE Money Sport Card is a great solution for active consumers looking to reap these benefits and fit their purchase of bike and related safety accessories affordably within their budgets.”
Consumer financing programs are becoming a more popular payment choice in the industry. Retailers use the credit option as a tool to close the sale and, oftentimes, increase the average ticket price, and the transaction fee is typically lower than the standard fee for Visa and Mastercard transactions.
This past summer, both Specialized and Felt Bicycles announced their own programs. Felt also paired up with GE Money, while Specialized's new S-Card is backed by CitiFinancial. Trek offers the Trek Card through its dealers, backed by World Financial Network National Bank, and Giant retailers who are members of The Biking Solution can sign up for its consumer financing program.
GE Money launched its Sport Card program in early 2007.
For more details, Cannondale, GT, Schwinn or Mongoose dealers should contact their sales representative or William Duprey at GE Money at (810) 487-1675 or william.duprey@ge.com.
—Nicole Formosa
