If you have had your eye on a Norton V4 superbike recently, you might not have to wait as long for it to arrive, as the British marque has secured £3 million from the Santander Corporate & Commercial bank. The debt investment will allow Norton to triple its production rate on the V4 SS and V4 RR models, and also allow for the company to hire 40 new employees for the job. Additionally, according to Norton this will allow the company to increase its production volume to 1,500 motorcycles per year. “Having developed and pre-sold a huge number of bikes, we needed the funding to be readily available to pay for tooling, stock and people to allow production to move from 40 bikes per month to in excess of 130 bikes with effect from summer 2017,” said Stuart Garner, CEO of Norton Motorcycles.
Even if you’ve financed the purchase of a motorcycle recently, we doubt you noticed that GE Capital has removed itself from the vehicle lending business, but it was a big deal for dealers and manufacturers.
A major player in financing not only the inventory and flooring for dealers, lending money to smaller OEMs to create product and inventory, as well as helping consumers finance their expensive play toys, GE Capital has been one of the larger lenders in the motorcycle space for the past decade or so, and likely has helped you save a fraction of a percent or two on your lending rate.
That fraction of a percent though means that GE’s decision to get out of the automotive lending game has had serious ramifications in the two-wheeled world, even if it’s not the sexiest subject to talk about on a moto-news site.
This is why it’s a pretty big deal that Wells Fargo is poised to acquire GE Capital’s commercial distribution finance and vendor finance businesses, as well as some of GE’s corporate finance business, as it means another major lending body will service the motorcycle industry.
Italian newspaper Il Sol 24 Ore is reporting more rumors about MV Agusta divesture and the company’s possible suitors. As we’ve reported already, there’s been some speculation that Paolo Berlusconi might be interested in the Italian brand, but he’s also been linked to another Italian company looking for a home. Now coming out of the woodwork are some new names, with links to Ducati & MV Agusta.