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In one of the biggest shake-ups the motorcycle world has seen in years, Polaris has announced that it’s selling a majority stake in Indian Motorcycle to the private equity firm Carolwood LP. (see video below)

This move has many riders and industry insiders asking the same question — is Indian Motorcycle in trouble, or are they gearing up for something big?

It’s a bold, unexpected shift that could either ignite new growth or put the brand in a risky position. Let’s take a closer look at what’s really happening and why it matters.

What’s Actually Happening

Polaris — the company that owns brands like RZR, Ranger, and Slingshot — has decided to spin off Indian Motorcycle into its own standalone company.

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Carolwood LP, a Los Angeles–based private equity firm, will take over as the majority owner, while Polaris will keep a small equity share. The deal is expected to close in the first quarter of 2026.

Roughly 900 Indian Motorcycle employees will move to the new company, including the engineering and design teams. Manufacturing will stay in Spirit Lake, Iowa, and Monticello, Minnesota, with continued operations at Indian’s design and technology center in Burgdorf, Switzerland.

In short, Indian will continue building, selling, and servicing bikes — but as its own independent brand.

The Business Logic Behind the Move

According to Polaris, this separation will allow both companies to focus more strategically on what they do best.

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For Polaris, that means doubling down on its most profitable segments: off-road vehicles, snowmobiles, and boats.
Indian Motorcycle only accounts for about 7% of Polaris’ total annual revenue — roughly $478 million.

By selling Indian, Polaris expects to increase annual earnings by $50 million and boost earnings per share by $1.00, which is a solid short-term win for shareholders.

For Indian, this could mean more freedom to innovate and make faster decisions without having to compete for corporate attention within Polaris’ massive portfolio.

Who Is Carolwood LP?

Carolwood LP isn’t a random investment group looking for a quick flip. They’re a private equity firm founded in 2014that focuses on long-term growth.

They’ve built a reputation for helping large corporate subsidiaries transition into strong, independent companies. In fact, Carolwood has never sold a brand they’ve acquired, which suggests they’re in it for the long game.

Their goal seems to be clear — help Indian thrive as a standalone American motorcycle powerhouse.

A Familiar Face Takes the Helm

Perhaps the most interesting part of this story is who’s taking over Indian’s leadership.

Carolwood has named Mike Kennedy as the incoming CEO of Indian Motorcycle. If that name sounds familiar, there’s a reason — Kennedy spent 26 years at Harley-Davidson, serving as Vice President and Managing Director of the Americas before moving on to lead companies like Vance & Hines and RumbleOn.

So yeah, he’s now taking everything he learned from Harley… and bringing it straight to Indian. Some might call that bold. Others might call it a little cut-throat. Either way, it’s going to make things very interesting to watch.

What Stays the Same for Riders and Dealers

For Indian Motorcycle fans and dealers, things should feel mostly the same — at least for now.

• The brand, dealer network (over 600 globally), and manufacturing stay intact.

• Sales, parts, and service will continue without interruption.

• Dealers will still get support and products directly from Indian Motorcycle.

Essentially, this is a corporate restructuring, not an immediate change to how Indian bikes are made or sold.

The Bigger Picture — Why Now?

Let’s face it — the entire motorcycle industry has been struggling to attract new riders.

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Younger generations aren’t buying motorcycles at the same rate as previous ones, and both Harley-Davidson and Indian have been working hard to modernize their lineups and connect with new audiences.

Polaris likely realized that while Indian has grown steadily, it’s not their biggest profit center, and letting it go could make both companies stronger in the long run.

For Indian, the move could allow them to focus 100% on motorcycles and potentially expand their dealer network, something that’s been slower under Polaris’ umbrella.

Why This Could Be Good… or Risky

This move could go one of two ways:

• Best case: Indian becomes more agile, innovative, and aggressive — finally carving out more market share from Harley-Davidson.

• Worst case: Without Polaris’ deep pockets and resources, Indian could struggle to keep up, putting the brand’s long-term stability at risk.

It’s a bold move. And as someone who’s watched this industry evolve for decades, I get why they’re doing it. But only time will tell if it’s a revolution or a risk.

Why We Need Both Indian and Harley to Succeed

Competition breeds innovation.

Indian has pushed Harley to improve their bikes, tech, and customer experience — and vice versa.
If one of these brands fails, the other risks getting complacent.

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We need both Indian Motorcycle and Harley-Davidson to succeed because their rivalry drives progress, creativity, and the kind of passion that fuels the entire riding community.

This next chapter is going to be fascinating — two legendary brands, both with new CEOs, both looking to make their mark in a changing motorcycle landscape.

Final Thoughts

This is a pivotal moment for American motorcycling. Indian Motorcycle could either emerge stronger than ever — or face the toughest road ahead in its history.

I’ll be watching closely to see how this unfolds, and what it means for riders like us.

👇 For my full breakdown and opinion on this situation — including what I think it means for the future of Harley-Davidson and Indian Motorcycle — watch the video below.
It’s packed with more details, analysis, and insights you don’t want to miss.