Words by: Phil West
Published on 20 February 2026 | 0 min read
Indian, one of the world’s most historic and evocative motorcycle names has had another change of ownership. This month it announced the iconic brand has been sold by Polaris to LA-based private equity firm Carolwood LP.
The move comes after the V-twin cruiser specialist and rival to America’s Harley-Davidson revealed another sharp sales decline in 2024. Despite recent dominance in US flat track racing, Indian has failed to deliver the success hoped for when it was relaunched by Polaris in 2013.
The move comes after the V-twin cruiser specialist and rival to America’s Harley-Davidson revealed another sharp sales decline in 2024. Despite recent dominance in US flat track racing, Indian has failed to deliver the success hoped for when it was relaunched by Polaris in 2013.
The historic marque, which built its first bike in 1901 (predating Harley by two years), was the world’s biggest by 1913 and had significant racing success before declining after WW2 and going into liquidation in 1953.
But Indian and its two most famous models, the Scout and the Chief, retained an almost mythical following, with celebrity owners like Steve McQueen and box office success via the movie ‘The World’s Fastest Indian’ starring Anthony Hopkins as speed record breaker Burt Munro. After 1953, the next 50 years saw repeated, fitful relaunches and ownership legal battles before in 2011, ATV and recreational vehicle giant Polaris, which launched Victory motorcycles in 1999, bought Indian’s brand rights. A new manufacturing facility at Spirit Lake, Iowa, was established. In March 2013 an impressive, all-new V-twin engine, the 1800cc ‘Thunderstroke’, was unveiled, with the first three all-new Indian cruisers for half a century, the Chief, Chief Vintage and Chieftain bagger, launched later that year.
But Indian and its two most famous models, the Scout and the Chief, retained an almost mythical following, with celebrity owners like Steve McQueen and box office success via the movie ‘The World’s Fastest Indian’ starring Anthony Hopkins as speed record breaker Burt Munro. After 1953, the next 50 years saw repeated, fitful relaunches and ownership legal battles before in 2011, ATV and recreational vehicle giant Polaris, which launched Victory motorcycles in 1999, bought Indian’s brand rights. A new manufacturing facility at Spirit Lake, Iowa, was established. In March 2013 an impressive, all-new V-twin engine, the 1800cc ‘Thunderstroke’, was unveiled, with the first three all-new Indian cruisers for half a century, the Chief, Chief Vintage and Chieftain bagger, launched later that year.
All were well received. Indian’s range was bolstered further the following year with an all-new entry-level Scout as well as a Harley ElectraGlide rivalling ‘full dresser’, the Roadmaster. While, in sport, Indian’s ‘Wrecking Crew’ which went on to take its new FTR750 racer to six AMA crowns.
Unfortunately, none of that now seems to have been enough. After peak sales of over 30,000 machines globally in 2021 (which was still nowhere near the then 200,000 of closest rival Harley), Indian’s worldwide sales have dropped steadily ever since. Reports suggest Indian did not meet the long-term, high-profit growth goals required to stay part of Polaris’s core strategy. In this context, February’s change of ownership is less of a surprise. However, it’s also certainly not the end of the Indian story. Despite sales challenges, Indian managed its first profitable year under Polaris in 2023 and under the new ownership it will operate as a standalone company. The deal includes the transfer of Indian’s manufacturing facilities in Iowa and Minnesota, its Swiss design centre and around 900 employees. What’s more, new CEO Mike Kennedy is a former Harley-Davidson executive and is already bullish about the future, in a year which mark’s Indian’s 125th anniversary. He said soon after the deal was completed: “2026 will be a special year to honour 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.” With a new vision and new bikes like the recently launched (and gorgeous) Chief Vintage, maybe Indian’s 125th anniversary will mark a new beginning after all…
Unfortunately, none of that now seems to have been enough. After peak sales of over 30,000 machines globally in 2021 (which was still nowhere near the then 200,000 of closest rival Harley), Indian’s worldwide sales have dropped steadily ever since. Reports suggest Indian did not meet the long-term, high-profit growth goals required to stay part of Polaris’s core strategy. In this context, February’s change of ownership is less of a surprise. However, it’s also certainly not the end of the Indian story. Despite sales challenges, Indian managed its first profitable year under Polaris in 2023 and under the new ownership it will operate as a standalone company. The deal includes the transfer of Indian’s manufacturing facilities in Iowa and Minnesota, its Swiss design centre and around 900 employees. What’s more, new CEO Mike Kennedy is a former Harley-Davidson executive and is already bullish about the future, in a year which mark’s Indian’s 125th anniversary. He said soon after the deal was completed: “2026 will be a special year to honour 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.” With a new vision and new bikes like the recently launched (and gorgeous) Chief Vintage, maybe Indian’s 125th anniversary will mark a new beginning after all…
