Indian Motorcycle prides itself as being America’s first motorcycle company. Created a year before big rivals Harley-Davidson, the Indian name’s been around for half as long as the USA itself. But, as Indian Motorcycle prepares to celebrate its 125th anniversary, the times they are a changin’. New owners have moved in, changes have been made and the company is shaping up for the latest chapter in its sometimes storied history.
Indian was founded back in 1901, in Springfield, Massachusetts, and after enjoying considerable success in the pioneering days of motorcycling, fell by the wayside in the post-war years.
A bit like Britain’s once iconic Norton brand, Indian lived in a state of flux for decades. Rights to the name changed several times and saw a number of false dawns and cheap attempts at badge engineering – putting the once legendary Indian logo on everything from 50cc mini bikes to mildly modified Royal Enfields – before US giants Polaris Industries bought the company in 2011.
Indian replaced Victory as the motorcycle brand in Polaris’ portfolio, and Indian’s products have become credible alternatives to Harley-Davidson for those looking for an authentic American cruiser. Now, as Indian prepares for its anniversary, Polaris has made the decision to sell a majority stake in its two-wheeled business to private equity company Carolwood LP.
Headed by Mike Kennedy, a motorcycle industry veteran with nearly 20 years in senior positions at Harley-Davidson, the company goes into 2026 as an independent business focused solely on building motorcycles (and perhaps selling the odd T-shirt).
Speaking of the changes, CEO Kennedy said: "It's an incredible honor (sic) to take the helm of Indian Motorcycle as it celebrates its 125th anniversary, empowered by a sense of gratitude and opportunity, and the support and ambition of a well-resourced, highly motivated ownership team. 2026 will be a special year to honor our history, but more importantly, to drive the brand into the future with a renewed level of commitment, focus and clarity that can only be found as a stand-alone company."
Private equity ventures have a reputation for buying companies to sell on, with cost cutting and the need to leverage debt often impacting on the company culture. This has already been seen with the reported loss of 200 jobs at a Wisconsin engine plant. In order to streamline the production process, the manufacturing has been moved from the previous facility (which was shared with other Polaris brands) to Indian’s Iowa factory, which has been included in the sale of the business.
Approximately 900 workers will transition to the new business, which has an additional factory in Minnesota and R&D facilities in the US and Europe, and Carolwood says that it is committed to a long-term strategy, with a focus on creating a better dealer network and an improved ownership experience, which Kennedy explains: "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.
Dealers are our most important partners, and we will judge our business based on the success of our dealers. We intend to be extremely collaborative with our dealers, actively listening to their feedback and incorporating it into our planning and decision-making, not only in terms of dealer operations, but also product development and marketing."
Having achieved a period of stability and credibility under Polaris’ stewardship, Indian’s new dawn is receiving a mixed reaction. From a business perspective, the deal makes sense. As a publicly listed company, Polaris is expected to return the best investment for its shareholders – something it clearly thinks is best served by focusing on its key products. For Carolwood, Indian would appear to be a business with great potential – which can benefit from the focus of being a standalone company.
And for a company which regularly plays the patriotic card, many will be delighted that Indian hasn’t fallen into the hands of one of the big Chinese or Indian motorcycle manufacturers who are scooping up so many traditional bike brands these days.
"America's first motorcycle company will put America first,” Kennedy conculdes. "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."
