Post Tagged with: "subprime"

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

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

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

Speed Leasing Keeps Close Eye on Competitors, Mulls Expansion

Speed Leasing Keeps Close Eye on Competitors, Mulls Expansion

by March 9, 2017 at 1:51 pm

Speed Leasing LLC is sketching plans for the expansion of its leasing program — which in the long-term, could include traditional loan options — in an effort to compete against other players in the space. “When I looked at marketplace over the past couple of years, I had been followingRead More

Westlake Preps for Powersports Expansion, Monitors Rising Losses

Westlake Preps for Powersports Expansion, Monitors Rising Losses

by March 6, 2017 at 10:30 am

New entrant powersports lenders are spurring Westlake Financial Services to expand this year, but the company’s plans for 2017 will not include buying deeper in the credit band, said David Goff, assistant vice president of marketing. “We think right now is the right time to expand,” Goff told Powersports Finance.Read More

Cardiff to Acquire Ride Today Acceptance

Cardiff to Acquire Ride Today Acceptance

by February 2, 2017 at 11:30 am

Cardiff International Inc. entered into a letter of intent to acquire Ride Today Acceptance LLC. The acquisition is subject to completion of an independent audit. Beverly, Mass.-based Ride Today Acceptance — a subsidiary of Encompass Consulting LLC — began making loans for new and used on-road and off-road powersports vehicles in AprilRead More

NPA: Repossessions Rise 10% YoY Amid New Entrant Lenders

NPA: Repossessions Rise 10% YoY Amid New Entrant Lenders

by January 25, 2017 at 12:40 pm

National Powersport Auctions saw a “modest rise” in repossession volumes in 2016, Chief Operating Officer Jim Woodruff told Powersports Finance. However, default rates remain stable, even lower than the expectations of many lenders in the space. Overall, total repossession volume is up almost 10% in 2016, as compared to 2015,Read More