While Bank of the West does not currently offer financing options within the powersport space, the bank is looking to expand to powersports in the future, Daniel Swanson, vice president and group senior product manager, told Powersports Finance.
Bank of the West offers leases and loans for cars, and loans for boats and recreational vehicles. The bank plans to continue exploring powersports financing as a future option. “We don’t have a set timeframe, we just know it’s an area that fits in as a complement to our business,” Swanson said. “We do finance to some of the larger marine-related powersports manufacturers, but we don’t currently do motorcycles or personal ATVs.”
Before diving headfirst into the industry, the San Francisco-based bank is looking for assurance that there will be ample consumer demand for powersports financing. “We want to make sure that whatever we do will serve the industry in a competitive and compelling manner,” Swanson said.
Bank of the West closed out 2014 with over $4.4 billion in auto loans and leases outstanding, according to the Auto Finance Big Wheels 2015 Data Report.