Buy Your Motorcycle — an Arlington, Texas-based dealer — is “speeding up the wheel” in powersports to increase consumer loan and lease approvals, close deals faster, and increase its turnaround time, Brad Van Horn, Buy Your Motorcycle’s owner, told Powersports Finance.
The dealership has 14 financial partners as well as an in-house financial provider, CAR Financial Services. Buy Your Motorcycle partnered with CAR for in-house financing due to a “lack of adequate programs” from current subprime lenders in the industry, Van Horn said. The industry needs “more subprime lending with lower fees,” because many subprime lenders have thousand-dollar fees, he added.
Nearly half of Buy Your Motorcycle’s 77 deals in the month of February were to subprime consumers, according to Van Horn. “Fifteen were prime financing deals, 15 were middle credit, 20-30 were subprime,” and the remaining were cash or outside finance deals, he said.
Lenders should also have more flexibility with their deals, such as rehashing the deal to get more money approved or provide a credit tier bump, Van Horn said. When a dealer “has something the lenders should be buying, underwriters should step up to do the loan,” he added. A lot of the buyers at financial institutions don’t “step up to do anything outside the box.”
Buy Your Motorcycle specializes in the buy, sale, and trade of new and used motorcycles and other on-road powersports vehicles. The dealership’s financial partners include MotoLease, Model Finance, Chrome Capital, HorsePower Financial Services, ThunderRoad Financial, and Excel Finance among others.