American Cycle Finance set a monthly contract goal for its dealers in an effort to increase volume following the company’s acquisition by Cardiff International Inc., Ben Donnarumma, managing director of American Cycle, told Powersports Finance. American Cycle — formerly known as Ride Today Acceptance — makes loans in 15 statesRead More
Post Tagged with: "subprime"
Cardiff International Inc. signed a definitive merger agreement to acquire American Cycle Finance — formerly known as Ride Today Acceptance — as its subsidiary, in an all-stock transaction valued at $5 million. The name change is just part of “our strategic planning,” Ben Donnarumma, managing director of American Cycle, toldRead More
DALLAS — Auto delinquencies are rising across the industry, but the increase has been most prominent in subprime segments. Although Commerce Bank mainly extends auto loans in the prime spectrum, it’s still keeping a watchful eye, said Robert Griffin, the bank’s indirect lending manager.
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
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
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
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 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