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BB&T Steps on Gas in Powersports, Taps Brakes in Auto

canstockphoto4124234BB&T Corp. is being more cautious in autos, but the regional bank sees powersports lending as a growth area, the company said Thursday at the BancAnalysts Association of Boston conference.

“On the auto side, now for a year-plus … our maximum term is 72 months,” said Daryl Bible, chief financial officer. BB&T is based in Winston-Salem, N.C.

“Some of our peers in the marketplace go out to 84 months. From that perspective, we also make sure that our underwriting doesn’t have excessive LTV,” the CFO said. “We do focus on risk-return tradeoff segments. You look at Sheffield, and Grandbridge, and credit card as some of the areas that we’re focusing on trying to grow those a little bit faster.”

BB&T subsidiary Sheffield Financial is a powersports lender. Grandbridge Real Estate Capital LLC makes loans for commercial and multifamily real estate and development.

In the third quarter, BB&T Dealer Financial Services, which includes auto and powersports lending, reported net income of $43 million, down from $51 million a year ago.

 

Matthew Wood

Matt Wood is the Associate Editor of PowerSports Finance, where he is responsible for covering all the latest news, trends, and innovations with powersports lenders and dealerships. Previously, Matt was a writer for Auto Finance News before switching full-time to PowerSports Finance. He is also an experienced entertainment news writer covering pop culture, movies, and TV shows. Matt received his Bachelor’s degree in Communication from Rowan University in New Jersey.

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