Ownership of Indian Motorcycle officially changes hands

Last fall, parent company Polaris announced it was selling a majority stake in Indian to Carolwood LP, a Los Angeles-based private equity firm. Polaris has also sold other lines of business in recent years, such as its Transamerican Auto Parts division, to focus on its core businesses in four-wheel off-road vehicles, boats, and snowmobiles. Indian accounted for just 7.0% of Polaris' revenues over the 12-month period ending June 30, 2025, according to the company. Having shut down the Victory brand of motorcycles in 2017, Polaris now ends its nearly 20-year involvement in motorcycles (though it continues to produce the Slingshot three-wheeler, which is legally a motorcycle in some jurisdictions).

Indian now begins a new and uncertain era with industry veteran Mike Kennedy as CEO. He is a former CEO at both RumbleOn, the nation's largest powersports dealership group, and Vance & Hines, the aftermarket parts and accessories manufacturer, as well as a long-time employee at Harley-Davidson.

"Kennedy and Carolwood are committed to a long-term strategy centered on delivering an even better ownership experience for riders and stronger, more focused support for the dealer network," said a company statement. Kennedy added, "We will achieve our vision through a deeper level of differentiation, leaning in on what makes our brand unique, and with products that possess a style, craftsmanship, and performance quality that is uniquely justified by our historic legacy and spirit of innovation."

With the country marking its 250th year and Indian marking the 125th anniversary of its founding, it's sobering to note that Indian has been around for half of U.S. history. And it has been a turbulent history for Indian. As noted in the Motorcycle Trivia Challenge episode of the Highside/Lowside podcast three years ago, Polaris' ownership of the Indian brand was the 18th time the trademark had changed hands since it was first registered by George Hendee in the late 1800s for the bicycles he was building. So the sale of a majority stake to Carolwood is the 19th time that ownership of the Indian name has changed hands.

Clearly, the Polaris years were the most stable period for the brand since the original company, based in Springfield, Massachusetts, went out of business in the 1950s. In the early 20th century, Indian was the largest motorcycle manufacturer in the world for a time, but after the original company stopped production, the name changed hands numerous times and the brand was slapped on products that had nothing to do with the original products, such as cheap, imported scooters. For a while, before Polaris acquired the brand, Indian's ownership built Chief and Scout models in California, using aftermarket frames and engines based on Harley-Davidson designs.

About 900 employees are part of the shift in ownership and production will continue to take place in plants in Spirt Lake, Iowa, and Monticello, Minnesota. The sale also includes design centers in Burgdorf, Switzerland, and Wyoming, Minnesota. Another plant in Osceola, Wisconsin, which manufactured engines for Indians and for Polaris snowmobiles, was closed by Polaris as the company said it would no longer be necessary after the Indian spin-off.

“America’s first motorcycle company will put America first,” said Kennedy. “Our brand and business will be grounded in our American identity and more importantly, American manufacturing. ‘Built in America’ is not a slogan. It’s a competitive advantage, and we intend to use it.”