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Startup Lender Invests $1 Million in Tech

  • Natalie Mattila
  • September 22, 2016
  • 0

coins-948603_960_720BOSTON — Ride Today Acceptance has invested “well over $1 million” in technology developments in the past 12 months, Ben Donnarumma, managing director at Ride Today Acceptance told Powersports Finance. Among those investments are its plans to roll out TCI’s DecisionLender 4 loan origination system as well as a virtual layaway program, he said.

“We started as motorcycle dealers first, so we understand about the importance of having easy to use systems [for dealers],” Donnarumma said. “We are constantly making improvements for the dealer experience as best we can get it.”

Donnarumma and his colleagues at Ride Today have operated motorcycle and auto dealerships since 1993, up until recent months when they shifted their focus solely onto motorcycle financing, according to Donnarumma.

The dealer portal, through TCI’s DecisionLender 4, will be “much more user-friendly for the dealers,” Donnarumma explained. “It will be easier to make deal structures and easier to change collateral, to name just a couple changes.”

Beverly, Mass.-based Ride Today Acceptance’s current loan origination system “takes a little bit more keystrokes,” added Richard Snyder, the lender’s director of underwriting. With the upgraded system, “those keystrokes should be cut down in half,” and it will be more automated with a one-button contract generation option, he added.

The new system will go into beta testing within 30 days, with the full product launch anticipated for November or December, he added. Additional technology investments this year include Ride Today’s virtual layaway program, which the company plans to roll out by November.

Ride Today’s Donnarumma will speak on the “Keys to Successful Subprime Lending” panel at the upcoming PowerSports Finance 2016 conference. During the Oct. 5 session, Donnarumma and his fellow panelists will discuss subprime risk, underwriting best practices, and how to avoid seasonal repossession challenges.

PowerSports Finance 2016 will be Oct. 5 at the Bellagio Las Vegas. For more information, visit www.go.powersportsfinance.com, or click here to register.

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