Best Practices

Lenders Turn to Dealers as Fraudulent Loan Activity Escalates

Lenders Turn to Dealers as Fraudulent Loan Activity Escalates

by May 12, 2017 at 11:07 am

Consumer fraud continues to rise, as evidenced by two men who were arrested this week for producing fraudulent documents to finance the purchase of motorcycles from three dealerships in Long Island, N.Y. One of the men produced a fraudulent license and a fraudulent credit card to obtain a loan, toRead More

MotoLease to Host Second Dealer Seminar This Fall

MotoLease to Host Second Dealer Seminar This Fall

by May 11, 2017 at 12:08 pm

MotoLease LLC is planning another dealer seminar for September, following a successful training session in late April, Managing Partner Emre Ucer told Powersports Finance. The September seminar will be offered over two days, with a focus on training dealers to use some of MotoLease’s new product and system enhancements —Read More

Registration Now Open for Powersports Finance 2017

Registration Now Open for Powersports Finance 2017

by May 4, 2017 at 11:55 am

Registration for the third annual PowerSports Finance 2017 officially opened yesterday. PowerSports Finance 2017 will take place Oct. 24-25, at the Wynn Las Vegas, directly preceding the 17th annual Auto Finance Summit. PowerSports Finance 2017 offers decision makers and top executives in powersports a forum to generate ideas for the industry’s future, develop aRead More

Credit Overhaul: Why Millennials Demand New Underwriting Strategies

Credit Overhaul: Why Millennials Demand New Underwriting Strategies

by May 3, 2017 at 11:10 am

Powersport dealers see young millennials come into their stores all the time looking for the largest, fastest, most-expensive sportbike on the market. That’s when the warning light starts flashing in a lender’s head. “They start all gung-ho: They want the Suzuki Gixxer, they want the Honda CBR, anything that goesRead More

Powersports Finance Summer Issue Now Live

Powersports Finance Summer Issue Now Live

by May 2, 2017 at 9:44 am

The summer issue of the Powersports Finance Quarterly is now live, and available to current and new subscribers. In this issue, learn about whether the powersports finance market is too saturated for new  lenders to succeed, with insights from Yamaha Motor Finance Corp. USA, MotoLease LLC, ThunderRoad Financial, Wedbush Securities Inc., andRead More

Consumer Fraud On the Rise, Lenders Advise Best Practices

Consumer Fraud On the Rise, Lenders Advise Best Practices

by April 26, 2017 at 11:43 am

Fraudulent activity — identity theft — is on the “upswing” in powersports, with fraud rings becoming more prevalent in the past few months, said Tom Collins, executive vice president and managing director at FreedomRoad Financial. Either more accounts are fraudulent, or FreedomRoad is catching it more often on the frontend,Read More

3 Best Compliance Practices for Dealer Management

3 Best Compliance Practices for Dealer Management

by March 30, 2017 at 11:23 am

As the powersports industry approaches what is considered by most a busy season, lenders will need to devote time and resources to compliance due diligence practices, with particular emphasis on dealer management and monitoring consumer complaints. Specifically, lenders must make sure their dealer partners are properly licensed and have solidRead More

Powersports Expansion on the Road Map for Westlake

Powersports Expansion on the Road Map for Westlake

by March 28, 2017 at 11:19 am

Westlake Financial Services is eyeing expansion for its powersports portfolio this year, from adding new dealers to the network, to launching e-contracting, according to David Goff, the lender’s assistant vice president of marketing. Westlake will roll out e-contracting to powersports dealers this year, shortly after the nationwide expansion of e-contracting toRead More