Sheffield Financial and The Toro Company sign exclusive installment financing services agreement
Nov 1, 2012
CLEMMONS, N.C., Nov. 1, 2012 /PRNewswire/ -- Sheffield Financial, a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE: BBT), has signed a three-year installment financing services agreement with The Toro Company (NYSE: TTC), effective immediately.
The Toro Company supports a variety of customer financing options and has agreed to endorse Sheffield as an exclusive provider of installment financing programs for its Toro and Exmark residential and contractor brands of outdoor power equipment sold by Toro and Exmark dealers throughout the U.S.
"Toro is a market leader of innovative consumer and commercial lawnmowers and other lawn equipment," said Jack Snow, Sheffield Financial president. "Sheffield's market share in outdoor power equipment continues to grow, and we are extremely pleased to collaborate with Toro in offering innovative financing products to its customers."
This agreement is evidence of Sheffield's commitment to the outdoor power equipment industry and of the confidence manufacturers have placed in Sheffield to take care of their customers. Sheffield has specialized in the outdoor power equipment industry for its entire 20-year history.
Sheffield, founded in 1992 and acquired by BB&T in 1997, is well acquainted with Toro's customer base and dealer network. The company has financed Exmark products since 1998 and Toro-branded products since 2010.
"Toro and Exmark support both revolving and installment finance programs to our dealer networks. Sheffield has worked hard to earn our installment financing business and provides excellent customer service in this space," said Michael Happe, group vice president, Residential and Contractor Businesses.
About Sheffield Financial
Clemmons, N.C.-based Sheffield Financial is a division of BB&T Financial, FSB, which is a subsidiary of BB&T Corporation (NYSE: BBT). Sheffield, which has financed more than $7 billion in loans since its founding in 1992, currently services more than 30,000 outdoor power equipment, power sports and trailer dealers nationwide. The company provides retail financing options in all 50 states for outdoor power equipment, trailers and power sports equipment such as snowmobiles, all-terrain vehicles, utility vehicles and motorcycles. For more information about Sheffield Financial, visit www.sheffieldfinancial.com.
About The Toro Company
The Toro Company is a leading worldwide provider of turf and landscape maintenance equipment, and irrigation solutions. With sales of nearly $1.9 billion in fiscal 2011, Toro's global presence extends to more than 90 countries through its reputation of world-class service, innovation and turf expertise. Since 1914, the company has built a tradition of excellence around a number of strong brands to help customers care for golf courses, sports fields, public green spaces, commercial and residential properties, and agricultural fields. More information is available at www.toro.com.
SOURCE Sheffield Financial
For further information: Anne Osborne, Vice President, Sheffield Financial, +1-336-766-1388, Anne@SheffieldFinancial.com; Merrie Betbeze Tolbert, Vice President, BB&T Corporate Communications, +1-336-733-1475, MTolbert@BBandT.com