Best Practices

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

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

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

Westlake: 3 Tips to Improve Dealer Training Efforts

Westlake: 3 Tips to Improve Dealer Training Efforts

by March 13, 2017 at 12:28 pm

Powersports dealer portals will likely become more consistent among lenders as competition continues to amp up, and as lenders look to match what other players are doing — which could also result in dealer training becoming an easier task, said David Goff, assistant vice president of marketing at Westlake Financial Services.Read More

MotoLease Pursues Partnership With Training Association to Educate Millennials

MotoLease Pursues Partnership With Training Association to Educate Millennials

by March 10, 2017 at 1:08 pm

MotoLease LLC is chasing a partnership with a national training association to provide risk advising and motorcycle safety classes for younger buyers, Managing Partner Emre Ucer told Powersports Finance. “That audience is one of our sweet spots, and a large part of our portfolio is thin-file,” Ucer said. “There isRead More

East Texas Dealer Eyes Lenders to Bulk Up Millennial Loan Approvals

East Texas Dealer Eyes Lenders to Bulk Up Millennial Loan Approvals

by March 7, 2017 at 10:30 am

Ross Motorsports is on the lookout for lender partners, particularly those with financing programs for millennial buyers, in an effort to boost approval rates, said newly promoted General Manager Ryan Williams. The Lufkin, Texas-based dealership sells Arctic Cat Inc., Yamaha Motor Corp., and American Honda Motor Co. brand vehicles. RossRead More