In a major development for the American motorcycling world, Polaris announced on October 13, 2025 that it will sell a majority stake in Indian Motorcycle to private-equity firm Carolwood LP, spinning the storied brand off into its own standalone company. Polaris — which acquired Indian in 2011 — will retain a minority equity stake after the deal closes, expected sometime in the first quarter of 2026.

Indian Motorcycle contributed roughly $478 million in the 12 months ending June 30, 2025 — about 7% of Polaris’s total revenues.

From a business standpoint, Polaris says the sale will improve its profitability — boosting adjusted EBITDA by an estimated $50 million and raising adjusted earnings per share by roughly $1.00.

But what does this mean for Indian as a brand, and for riders? There are both potential upsides and risks.

What Could Be Good for Indian — An Independent Comeback

🔹 Dedicated Focus & New Leadership

With Carolwood at the helm and a new CEO appointed — industry veteran Mike Kennedy (formerly of Harley-Davidson, Vance & Hines, and RumbleOn) — Indian now becomes a standalone operation.  That means no more competing for resources inside Polaris alongside side-by-sides, snowmobiles, and off-road vehicles. Instead, Indian can focus solely on cruiser and touring bikes — potentially allowing faster innovation, improved product development, and renewed emphasis on quality and brand identity.

🔹 Stability of Workforce & Operations

According to the agreement, approximately 900 employees — including engineers, designers, manufacturing staff — will transition to the new Indian entity. Production facilities (in Spirit Lake, Iowa and Monticello, Minnesota) and the design and tech center in Switzerland remain intact.

🔹 Brand Heritage & Possible Growth

Indian already carries a legacy muscle: “America’s first motorcycle company,” rich in history and rider loyalty. Freed from Polaris’s broader corporate constraints, Indian could double down on heritage — perhaps new cruisers, updated classics, modern powertrains, and renewed marketing to reclaim or expand its place in the U.S. and global cruiser market.

What Could Go Wrong — Risk with Private-Equity Control

⚠ Private Equity Doesn’t Always Ride for the Long Haul

Carolwood LP, like many private-equity firms, may prioritize short- to medium-term returns. That can pressure the brand to cut costs, limit R&D, or emphasize volume over long-term investment. If sales disappoint, core models might get delayed or scrapped.

⚠ Uncertainty About Quality, Parts Supply & Dealer Network

While Indian says it will continue sales, service, and support for dealers during the transition, the supply chain might tighten. If the new owners push hard for profit — parts availability, warranty support, or aftermarket support might suffer, at least initially.

⚠ Risk of “American heritage” being diluted

With private equity influence, there’s always the danger of cost-cutting or platform sharing that could undermine Indian’s identity among riders who bought into heritage and brand authenticity.

Polaris Keeps a Minority Stake — Why That Matters

Polaris maintaining a minority interest could be a stabilizing factor. It gives Polaris a continued financial tie to Indian’s success. It also may offer continuity in parts of production, supply chain, or resources during the transition. For riders, that could mean less disruption, and the benefit of a partially “seasoned” corporate spine behind a newly independent brand.

At the same time, because Polaris still holds a stake, there is added incentive for Carolwood to honor Indian’s legacy and maintain (or grow) value — which could bode well for long-term stability.

Final Thoughts

As a personal note, I bought an Indian Roadmaster new in 2017, and I absolutely love the motorcycle. In fact, I have never received as many compliments about a bike in my life, and I certainly didn’t buy it for attention—but that’s exactly what it gets everywhere I go. The only ongoing complaint I personally have is that the Indian dealer network is nowhere near as widespread or convenient as Harley-Davidson’s, which means I sometimes have to travel quite a distance just to obtain service. Also, for the last couple of years, the stereo system on my Roadmaster has had consistent Bluetooth connection problems with my Samsung Galaxy S25 Ultra, and Indian still has not come up with a fix. For a motorcycle in this price range, the Bluetooth should work properly—just like it does on all of my vehicles and other devices.

The sale of Indian Motorcycle may well mark the beginning of a new chapter — possibly one where Indian thrives free from the constraints of a diversified parent company. For riders and enthusiasts, this could bring renewed energy, refreshed models, and greater brand focus.

But with private equity now in the driver’s seat, there is risk. Riders should watch closely — for how Indian handles product quality, parts supply, dealer support, and the preservation of the brand’s heritage.

As always, time and execution — not headlines — will tell whether this deal is a rebirth for Indian Motorcycle… or just another corporate detour.

About the Author

Norman Gregory Fernandez, Esq.
California Motorcycle Accident Attorney
Founder – The Law Offices of Norman Gregory Fernandez
Biker Law Blog – Protecting Injured Riders Since 1997

📞 1-800-816-1529
🌐 https://bikerlawblog.com
🌐 https://thepersonalinjury.com

If you or a loved one has been injured in a motorcycle accident anywhere in California, contact me personally for a free consultation.

The post Polaris Sells Majority Stake in Indian Motorcycle — What It Means for Riders first appeared on Biker and Motorcycle Accident Lawyer Blog.

I have been riding Harley-Davidson motorcycles for quite some time, off and on, for over 30 years. My last bike was a 2008, Harley-Davidson Electra glide Ultra – Classic,

I decided to take a look at obtaining a new motorcycle, partly because I wanted to see what new technology was out there.

I finally narrowed down my search to two possible motorcycles, a 2017 Harley-Davidson Ultra – Limited, and an Indian Roadmaster.

In my research, I discovered that the 2017 Harley-Davidson Ultra – Limited had the new Milwaukee 8 motor, which has water-cooled heads, which means it runs months cooler than the current motorcycle that I have, has 11 more cc inches of power than I have now, a redesigned engine mount which lessens vibrations, a redesigned fairing which is said to be more stable, updated hard saddlebags, and an updated head unit with Bluetooth capability.

Frankly, I did not like any of the color schemes that came with the Harley-Davidson Ultra – Limited. With a motor cycle manufacturer such as Harley-Davidson, I would’ve expected more choices, or even custom options.

If I chose to get the Harley-Davidson, it would basically be getting the same motorcycle I have had for the past 12 years, with an updated engine, fairing, stereo, and saddlebag openers.

In my mind, there is no way to justify paying approximately $30,000 for an updated Harley just because of the few things mentioned above.

When I looked at the Indian motorcycles, frankly I was very surprised to see how far they’d come. The Indian motorcycles in this class have a 111 c.c. motor which is called the ThunderStroke. It puts out 119.6 foot-pounds of torque, and has approximately 90 hp. Although it is air cooled like the old Harleys, and heats up like the old Harleys, this engine is a beast, trust me it has some punch, it is fast.

Further, when I looked at the Indian Roadmaster, I saw many built-in features that would cost thousands of dollars to get on a Harley-Davidson as add on extras.

The head unit on the Indian is incredible, it has GPS built in, a much bigger screen, and shows you all engine functions, including a multi-function display, right on the front bike.

Basically, the Indian Roadmaster is a beautiful bike.

Lucky man that I am, when my fiancé found out that I liked the Indian Roadmaster, she decided to buy one, for me to ride, with the only condition that she be the only female I allow the back. Of course, I said yes 🙂 this lady is about to become my wife anyway.

We went to a dealership locally called “Indian Motorcycles of Orange,” (More on them in part two of this article.)  to look at the Indian Roadmaster.

They had in stock, a black Roadmaster, a black and ivory one, and a red one, however, I wanted the green and ivory color Roadmaster.

I told Indian Motorcycle of Orange County that my fiancé was a cash buyer, and we wanted to buy a new motorcycle within a week.

The sales manager told us that he would call around to his other dealer friends, and if anybody had one, he could have it within a couple of days.

I figured that the dealer would be very excited to have a cash deal on their most expensive motorcycle, and that he would have jumped right on it trying to find the motorcycle that we wanted.

I called him the next day, and he told me that he had not had a chance to check yet, but that he would, and that he would get back to me.

3 days later I still had not heard back from him, so I decided to take matters into my own hands.

I went online and looked at the inventory of all of the local dealerships myself. I discovered that only Spirit Motorcycle of San Jose California had the motorcycle I wanted in stock, the green and ivory motorcycle. Unfortunately, it was 450 miles away.

I called and talked to the owner, Martin, who was very helpful, and we worked the deal out over the phone. Within 2 days, I was on a plane to San Jose to go pick up the bike.

Ironically, the day I was about to leave to go pick up the bike, Indian Motorcycle of Orange called me and left a message, but it was already too late, the deal was already done with Spirit, and I was on my way to San Jose to pick up the Indian Roadmaster.

Had Indian Motorcycle of Orange called me back sooner, they would have gotten the deal.

If you are a motorcycle dealer, I doubt you are so busy that it would take you days to find a unit for a customer, or at least call them back to let them know you are trying. It took me less than 15 minutes to find the motorcycle I wanted.

If you snooze, you lose. More on Indian Motorcycle of Orange below, and in part 2 of this article.

When I got to San Jose, they picked me up at the airport, brought me to the dealership, you can see from the pictures here that this is what I picked up. It is the most beautiful motorcycle I have ever rode I think.

The dealer sent his expert out to teach me everything I needed to know about the motorcycle before I took off on it, I had the service department install infinity Highway pegs on the motorcycle before I left.

This dealership bent over backwards to make sure I was happy. Since I did not bring a helmet with me, I purchased an Indian DOT meanie helmet with the built-in visor for the road.

How many of you have obtained a brand-new motorcycle and then rode it 420 miles plus home :-)?

When I got the bike on the road I discovered that the floorboards seem to sit a little bit higher than the Harley-Davidson Electra Glide Ultra-Classic that I have, and because this motorcycle has a rider backrest installed, I could look not lean back as much. It was a riding position I was not yet used to. However, It took all of 5 minutes to get used to it 🙂

Even though this motorcycle has stock exhaust, due to the size of the engine, it still stock makes a loud low noise that lets you know you have one hell of machine between your legs.

I was told that the 1^st 500 miles on this motorcycle is a break in. The 1^st 100 miles you’re not supposed to give it more than ¼ throttle, or keep it at the same speed for too long of time. After 100 miles, no more than one half throttle, and after 400 miles, no more than three quarters throttle.

I broke it in riding it home from San Jose.

The only complaint I had about the motorcycle was that I could not figure out how to get the cruise control working. I stopped and read the manual while taking a break on the road, and discovered it worked just like the Harley-Davidson cruise control. You first turn it on, then hit set, it appeared my cruise control was not working, a little upsetting on a brand new 35k bike, but I was not worried because I have a five-year warranty. Turns out I have a lot to worry about. See my write up on Indian Motorcycle of Orange in part two of this article.

With respect to riding the Indian, here are my impressions. It is one hell of a fast motorcycle. The pickup and go on this stock motorcycle will blow away most of my Harley riding friends who have had serious custom worked on their motorcycles.

The motorcycle does not vibrate like the Harley-Davidson which is actually a pleasure. On the Harley-Davidson when you’re at a stop light, at least with my 2008, the whole damn thing is vibrating like hell. The Indian is smooth as a button.

The handling on the Indian is about the same as on my Harley, except my Electra Glide has a much tighter turning radius than the Indian. The Indian does have fatter tires.

Above all, the Indian is as far as I’m concerned, is a far more advanced motorcycle when it comes to rider amenities.

The stereo is mind blowing, it comes with the 200 W, 4 speakers, Bluetooth enabled, advanced head unit built-in, with a cell phone holder above it, and allows you to plug your cell phone into the motorcycle and charge it.

The Indian also has remote control locking and unlocking of the tour Pak and saddlebags, as well as keyless starting so long as your key fob is close by.

There are way too many other amenities that I have not included. I absolutely love my Indian Roadmaster.

I’m going to write another part 2 article about the horrendous and outrageously priced service I received for my 500-mile service, and my attempt to get the cruise control fixed, at Indian Motorcycle of Orange soon. This is the same local dealership that did not timely call me back when I tried to buy a motorcycle there.

The reason I’m going to write this article is to warn you all of you about this local dealer, who treated me very poorly, and to I strongly recommend my Biker Law Blog readers not to patronize.

A final word of closing for now, I still love Harley-Davidson don’t get me wrong, but I am now an Indian rider, and I think that many of you once you go check it out will also be an Indian rider. This competition is good because now it will force both manufacturers to produce better motorcycles.

By Biker Lawyer Norman Gregory Fernandez, July 2017.

The post I have switched from Harley Davidson Motorcycles to Indian Motorcycles; Part 1 first appeared on Biker and Motorcycle Accident Lawyer Blog.

Polaris Industries, the parent company of Victory Motorcycles announced yesterday that they were ceasing operations as a January 9, 2017. Victory Motorcycles is no more.

The CEO of Polaris industries, Scott Wine, stated that it was a difficult decision for the Board of Directors and he, but Victory Motorcycles despite significant investment by Polaris industries, was never profitable.

The last few years Polaris Industries shifted much of its attention to getting Indian Motorcycles restarted to compete with Harley-Davidson. Some believe that this shift was responsible for the demise of Victory Motorcycles.

Victory Motorcycles was one of just a few American motorcycle brands on the market today.

I know this news will be a shock to many people who have gone out and purchased a Victory Motorcycle. I personally thought that the victory motorcycle was a good concept, but never actually rode one.

On a personal level, it is kind of upsetting to know the Victory Motorcycles did not make it. I think Victory put Harley-Davidson on notice that they had to make changes to make their motorcycle more competitive on a technological basis.

Goodbye Victory Motorcycles. What we have left is Harley-Davidson, and Indian Motorcycles with respect to American brands.

By Norman Gregory Fernandez, Motorcycle Lawyer.

The post After 18 years in operation Victory Motorcycles is no more first appeared on Biker and Motorcycle Accident Lawyer Blog.

Indian Motorcycle

Just when you thought the infamous cash for clunkers program was dead, Indian Motorcycle has just announced their own version of the cash for clunkers program. Indian will offer $3,000 for your old clunker when you trade-in an old bike towards a new 2009 Indian Chief.

What is the catch? The trade in must be street legal, 100cc or larger motorcycle in running and ride-able condition; NO mopeds, scooters, or dirt bikes are eligible. Trade-in must have a clear title.

This program cannot be used in conjunction with any other program. Indian Motorcycle reserves the right to alter or terminate this program at anytime at their sole discretion and without notice.

All I can say about this program is wow! Imagine getting $3,000.00 for your old motorcycle on a new Indian Chief!

Head to the nearest Indian dealer and check out the Chief.

By Biker Lawyer and Motorcycle Attorney Norman Gregory Fernandez, © 2009

The post Indian Motorcycles Cash for Clunkers Program. first appeared on Biker and Motorcycle Accident Lawyer Blog.