The foundation stone for Polaris was laid down in 1945 by a company known as Hetteen Hoist & Derrick. The primary focus of their business was on developing new machinery which could cater to the needs of local farmers.
The three people involved in starting this business were outdoor freaks who loved to travel and go on myriad adventures both on and off-season.
They lived in a community where people particularly enjoyed activities like hunting, gathering, and fishing. However, to pursue these activities, they needed to cross snowy areas. Thus, the men decided to invent a vehicle that would make traveling through the snowy regions less difficult.
As they say, "Necessity is the mother of invention," and this need marked the beginning of Polaris, resulting in the invention of a snowmobile prototype employed for their personal use. This invention led the men to start manufacturing snowmobiles for customers.
The Growth of Polaris Company
During the 1960s, snowmobiling became an incredibly beloved sport. As a result, the sales of the Polaris Snowmobile skyrocketed. Unfortunately, the existing management was not sufficient to meet the increasing demand.
Due to the lack of resources, the former company owners later sold the company to Textron in 1968. Textron employed numerous highly skilled engineers who created good-quality engines.
The latest Polaris engines were so much better than their previous versions. These vehicles claimed victory at numerous race events as well.
Setback in the Journey - The Buyout
Throughout the 1970s, the company grew and generated revenue at an exponential rate. However, during the 1980s, it all went downhill. Most of the company’s units were shut down or had to sell off their snowmobile divisions. Textron, too, was contemplating selling off Polaris, but the company's then-President decided to lead a buyout in 1981.
The novel Polaris Powersports company had a meager 100 workers.These workers did their job diligently with utmost dedication, and as a result, the debt of Textron was resolved.
Before anyone knew it, the company expanded to bring 450 employees on board. They sold an extensive range of Powersports vehicles which gave them an edge in the market. However, it was five years after the buyout that their sales reached $40 Million.
Expansion of Polaris
Today Polaris has secured its place amongst the top Powersports companies across the globe.
After their humongous success in the Snowmobile industry, Polaris decided to dig its tentacles into other Powersports as well. Starting in the mid-1980s, they branched out into the ATV market and reaped massive success.
Then, in 1990, they became the first American company to develop a personal watercraft. They were immensely successful in this other venture.
The next decade that follows comprises facility and business acquisitions, as well as product relaunches and expansion.
Last 2011, Polaris acquired other companies like Indian Motorcycle and even obtained GEM electric-powered vehicles. These were highly successful business expansions that prove their strong branding, well-defined company goals, and popularity among motorsports enthusiasts.
Conclusion
Polaris started as a Snowmobiling company and later became a widely acclaimed name in the International Powersports Market, with current annual sales exceeding $5 billion. The company was named last 2018 as one of the Fortune 500 companies, debuting at number 496.