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Lenders Need to Bring Web Upgrades to the Forefront, Execs Say

Lenders Need to Bring Web Upgrades to the Forefront, Execs Say

by March 24, 2017 at 11:56 am

While mobile apps are booming in other areas of finance, they are not catching on in powersports finance, Paula Tompkins, chief executive and founder at ChannelNet, told Powersports Finance, but that just means lenders need to place more focus on upgrading their websites. “Mobile apps are really good for certain kindsRead More

McKay to Replace Ellison as Sheffield President

McKay to Replace Ellison as Sheffield President

by March 23, 2017 at 12:13 pm

Sheffield Financial, a division of BB&T Corp., tapped Jeff McKay to serve as president, effective April 1, just shy of eight months after announcing Jeff Ellison will take the position. Ellison will transition to a new role as loan administrator with the BB&T Commercial Real Estate and Commercial Credit Administration groups,Read More

Less Regulation Prompts Startups to Offer Leases Versus Loans

Less Regulation Prompts Startups to Offer Leases Versus Loans

by March 22, 2017 at 11:24 am

New entrant powersport financiers are more interested in leasing, versus traditional financing, thanks to fewer regulatory requirements. Startup CycleOne Financial, for example, was initially drawn to the leasing platform because “it works easier for us in terms of repossessions and structuring the contract,” President Logan Riley told Powersports Finance. “With leasing,Read More

High Costs Steer Lenders Away From Kill Switches, GPS Units

High Costs Steer Lenders Away From Kill Switches, GPS Units

by March 21, 2017 at 12:42 pm

Kill switches have become less enticing to lenders amid the Federal Trade Commission’s recent investigation into auto lenders’ use of the device, but GPS units aren’t gaining in popularity as a result, several sources told Powersports Finance. In auto finance, Westlake Financial Services, Credit Acceptance Corp. and DriveTime Automotive Group Inc.Read More

Startup Powersports Lessor Seeks Series A Funding

Startup Powersports Lessor Seeks Series A Funding

by March 20, 2017 at 12:06 pm

CycleOne Financial is seeking an undisclosed amount of funding for the company’s first Series A round, President Logan Riley told Powersports Finance. The Orlando, Fla.-based powersports lessor launched in April 2015, and has raised $4 million in seed funding to-date, Riley said. CycleOne’s first seed round garnered the company $1Read More

Polaris Originations Rise 10%, Wholesale Receivables Dip 8% in 2016

Polaris Originations Rise 10%, Wholesale Receivables Dip 8% in 2016

by March 17, 2017 at 11:48 am

Polaris Industries Inc. reported a 10% year-over-year increase to $1.1 million in volume of revolving and installment credit contracts written in 2016, according to the company’s 2016 annual report. Consumers financed approximately 33% of Polaris’ vehicle sales in 2016 through the company’s combined retail finance arrangements with Performance Finance, SheffieldRead More

Rising Wholesale Interest Rates Place Dealers Under Financial Strain

Rising Wholesale Interest Rates Place Dealers Under Financial Strain

by March 16, 2017 at 12:03 pm

Rising floorplan finance interest rates — and manufacturer’s forcing too much inventory onto the dealer — prompted Buy Your Motorcycle to stop floorplan financing and sell four of its five dealerships, Owner Brad Van Horn told Powersports Finance. Arlington, Texas-based Buy Your Motorcycle now owns one dealership — and all of its inventoryRead More

Exiting Subprime Powersports Lenders Could Spur Dealer Co-Signers

Exiting Subprime Powersports Lenders Could Spur Dealer Co-Signers

by March 15, 2017 at 10:59 am

Shared-risk recourse financing — when the dealership guarantees the paper, and essentially co-signs the loan — between dealerships and lenders could reemerge in powersports if subprime lending options falter, Chris Clovis, dealer principle of Freedom EuroCycle Las Vegas and BMW Motorcycles of Las Vegas, told Powersports Finance. This risk sharingRead More