Polaris Sells Indian Motorcycle! What Will Change?

Massive news is emerging from the bike world, creating waves among the biker community, especially American riders. Polaris Inc. has sold much of its stake in Indian Motorcycle to a private equity firm in Los Angeles. This is a massive change for one of the most well-known names in U.S. bike history. After owning the brand since 2011, Polaris revealed it will make Indian into a stand-alone brand. The deal is scheduled to be closed in early 2026.

For those who ride and/or follow Indian bikes, this poses a crucial question: What will change? Let’s have a look at what this sale means. What will remain the same? And what will change?

Polaris, being the parent brand, makes more than just bikes. It produces ATVs, snowmobiles, boats, and other vehicles. The Indian brand brought in about $478 million in sales over the past year, which is only 7% of Polaris’ income. The Indian brand is a small portion of a much larger business.

By selling its majority stake to Carolwood LP, a private equity firm, Polaris is now able to focus on its core products. These include off-road and power sports vehicles. This move will raise Polaris’ annual earnings by roughly $50 million and increase its profits by around $1 per share, as stated by the company.

Mike Speetzen, the CEO of Polaris Inc., said both firms will benefit from this deal. He added that it will allow each brand to move faster and do what they do best.

The new owner of the Indian brand is Carolwood LP, which is a private equity firm established in 2014. Based in Los Angeles, the firm was founded by Andrew Shanfeld and Adam Rubin. Till now, Carolwood has been mostly dealing with real estate and other kinds of assets. This is their big venture into the bike world.

Many riders are worried about hearing the term private equity firm. As per riders, these firms only focus on short-term gains and reduced costs. Nonetheless, Carolwood says it has long-term plans and investment in Indian. Indeed, reports indicate that the firm has never sold any of the assets that it has purchased. It is a good sign for those who want to see Indian prosper for years to come.

Adam Rubin, one of the company’s executives, stated that Indian has defined the U.S. motorcycling for over a century. Michael Carolwood is saying that his role is to ensure this legacy continues for another century.

At the closing of the deal, Mike Kennedy will become the new CEO of the Indian brand. Kennedy has over 30 years of experience in the motorbike business. He has spent 26 years with Harley-Davidson in lead roles of sales and dealer support for North America.

He was also the CEO of RumbleOn, the largest powersports dealer group in the U.S., and CEO of Vance & Hines, a leading bike exhaust systems maker.

His deep roots in the world of bikes provide many riders with hope that Indian will remain true to its roots while moving forward with fresh ideas. Kennedy himself used LinkedIn to announce that he’s excited to “throttle Indian into its next chapter”.

As such, the majority of Indian bike owners and fans will find their day-to-day lives unchanged, at least not at the moment. Here is what remains in place for Indian:

Indian will continue to sell bikes, parts, and accessories through its dealer network of over 600 worldwide. Service and support will continue normally.

Around 900 workers will be transferred to the new Indian company. In addition, engineers, designers, and employees at the Spirit Lake, Iowa, and Monticello, Minnesota, plants and the design center in Burgdorf, Switzerland, are involved. All of these will remain open and continue to assemble bikes.

Warranties will remain valid during and after the transition. The brand will ensure that riders feel secure with their investment in Indian bikes.

Indian will not lose its name, its history, and its quality of craft. The top-end Indian cruisers, baggers, and touring bikes lineups will remain there. The brand says it is eager to remain relevant and active in the market and will continue to compete with Harley-Davidson.

While much remains the same, some changes are sure to come under the new leadership for Indian. Let’s talk about the things that can change for Indian after Polaris’ Exit:

As a Polaris asset and under its acquisition, Indian had to share resources with ATVs, snowmobiles, and other products. However, now as an independent brand, Indian can focus all its efforts on motorbikes. This means quicker product launches, more innovation, and a clearer brand image that is aimed at riders.

Currently, many Indian dealers also sell Polaris off-road vehicles. However, after the transfer of Indian’s ownership, there will likely be more Indian dealership stores that will deal only in bikes. You will likely see only Indian-specific stores, selling only Indian bikes, in the future. This will enhance the brand image and the buying experience for riders.

With the new leadership and a fresh Private Equity partner who is willing to make an investment, Indian may reinvent new models and tech at a faster pace than previously. Some riders hope that the brand will make new efforts to attract young riders with lighter bikes, new engine designs, and features.

Mike Kennedy knows the Harley-Davidson company inside and out. His time at Harley may help Indian to benefit, sharpen its edge, and gain more market share. Indian, in the U.S., already stands at the second spot when it comes to classic cruiser bikes and baggers.

Polaris' decision to sell its majority stake in Indian Motorcycle is not well-received by everyone, particularly those who are loyal to the brand. Some fear that a private equity firm will cut costs or make a decision harmful to the brand over the long term. Private equity firms tend to focus on short-term gains, which can conflict with the long-term effort of building a legacy bike brand.

Indian has also suffered from sales declines in recent years. Global sales fell for the fourth year in a row, with 2024 ending with just under 26,000 units, down from over 30,000 units in 2021. In the first half of 2025, the sales declined another 2.1%. Critics say Indian has relied too much on limited edition models and old designs with heavy and low-tech engines that don’t appeal to young riders.

If Carolwood fails to invest in new products and fresh marketing, Indian would struggle to compete with brands like Royal Enfield and Triumph, which are winning over riders with modern, affordable bikes.

Polaris became a significant portfolio player in revitalizing the Indian brand after it remained dormant for many years. Under Polaris, Indian became a rough competitor to Harley and achieved the best score for customer satisfaction in its category. Now, under new management and a new director, Indian is all set to ride solo.

Will this transition enable Indian to grow and expand? Or, is it the start of a new fight? Only time will tell. At present, riders can rest assured that the factories, dealers, and warranties are still present. With someone so experienced like Kennedy in charge, Indian has a very real shot at writing its new great chapter.

Indian Motorcycle has been around for more than 120 years, with many rises and falls. This transition, Polaris ditching Indian) has come after a long time. For die-hard Indian fans, the hope is that the brand will continue to stay true to its roots while racing towards a bright future.