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CycleOne to Offer New Motorcycle, Prime Financing

CycleOne to Offer New Motorcycle, Prime Financing

by April 5, 2017 at 12:43 pm

CycleOne Financial will expand its breadth of offerings to include new motorcycle financing, after the startup expands its leasing limit — the amount it approves consumers for — beyond $12,000, President Logan Riley told Powersports Finance. Orlando, Fla.-based CycleOne Financial is a subprime lessor that leases all pre-owned motorcycles included in the NADARead More

Industry Consolidation Brings Big Banks More Business, Dealer-Operator Says

Industry Consolidation Brings Big Banks More Business, Dealer-Operator Says

by April 4, 2017 at 12:35 pm

As more powersports dealerships consolidate from standalone shops into dealer groups — a trend that is expected to continue this year — the larger banks and financial institutions will begin to see more dealer business, Ozzie Giglio, dealer-operator for The Windy City Motorcycle Co., told Powersports Finance. Dealer acquisitions haveRead More

Royal Enfield Adds 9 Dealers, Edges Closer to Nationwide Expansion

Royal Enfield Adds 9 Dealers, Edges Closer to Nationwide Expansion

by April 3, 2017 at 11:34 am

Royal Enfield North America added nine dealers to its network in March, bringing the manufacturer closer to its goal of expanding nationwide, according to the OEM’s website. Royal Enfield is “actively recruiting” new dealer partners, and set a goal to add between five to 10 dealers per month to theRead More

EV Motorcycle Maker Scouts Finance Partner

EV Motorcycle Maker Scouts Finance Partner

by March 31, 2017 at 11:00 am

Sway Motorsports is gearing up to roll out its electric three-wheel motorcycle for mass production this fall, and has plans to team up with at least one lender by 2018 to offer vehicle financing, Joe Wilcox, the startup’s founder, told Powersports Finance. The company is seeking a financial partner toRead 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

CycleOne Preps for Dealer Portal Debut

CycleOne Preps for Dealer Portal Debut

by March 29, 2017 at 12:12 pm

CycleOne Financial plans to launch a dealer portal to make its software more dealer-friendly, after raising sufficient capital in the company’s Series A round, President Logan Riley told Powersports Finance. The portal will enable dealers to upload documents and stips, as well as check on the status of submitted credit applications,Read 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

Sparta Considers Offering Consumer Motorcycle Leases

Sparta Considers Offering Consumer Motorcycle Leases

by March 27, 2017 at 12:04 pm

There could be another powersports lessor in town if the Dodd-Frank Act is modified, lessening the burden of financial regulation. Sparta Commercial Services Inc. is considering its options to offer consumer motorcycle leases again, Chief Executive Tony Havens told Powersports Finance. “There’s an awful lot of regulation, and it’s onlyRead More