Calculated Risk Motorcycle Group, the management team for the Adam Smith Harley-Davidson dealership family, will open Lucky Penny Cycles — a new dealership that will exclusively offer pre-owned motorcycles, said Neil Noble, business partner to the dealership’s Owner Adam Smith.
Lucky Penny Cycles is slated to open by the end of July and “several lenders are secured” to offer consumer financing options, Noble told Powersports Finance. This marks Smith’s seventh dealership across Texas, but will be the first location to focus solely on pre-owned bikes.
Although the Texas-based dealerships primarily lean on Harley-Davidson Financial Services for financing, the companies have more than 15 lender partners, including leasing providers MotoLease LLC and Chrome Capital, he said.
Leasing is a “negligible piece of our business,” Noble said, but the new Bedford, Texas-based pre-owned Harley-Davidson dealership “will likely deal with leasing options a little more than the main Harley stores do.”
Leasing makes up less than 1% of the deals across CRMG’s seven dealerships, Noble said, but that’s mostly due to the fact that the dealer group’s core business has been new motorcycles.
“We put our priority and focus on new bikes, and we don’t lease new bikes,” he said. HDFS does a “really good job of helping us get into the subprime market on new bikes, so we are able to put a lot of deals together. That’s where most of that business goes. We finance some with outside lenders, but we look for the best combination for the customer.”
Separately, CRMG moved into its new flagship location in January — Adam Smith’s Texas Harley-Davidson in Bedford, Texas — which is located across the street from the old building. The new headquarters was designed to consolidate the company’s operations into one facility. “The Calculated Risk Group office, as well as many admin and marketing functions, are centralized there,” he added.