Motorcycle leasing provider Chrome Capital has implemented a cloud-based lending solution that enables asset management and servicing for lessors, from Cloud Lending Solutions, into its platform, the companies announced in early March.
“The leasing industry is growing at a rapid pace and traditional lessors have not been able to keep up with demand,” Snehal Fulzele, Cloud’s chief executive, said in the release. The solution — named CL Lease — allows lessors “to stay nimble” and “remain competitive in a dynamic market,” he added.
CL Lease offers fully automated billing “to give lessors the flexibility to easily recalculate changes based on contract modifications,” and it also works with delinquent accounts to help mitigate and limit collection risks, the company said.
“We like to think we are on the forefront of contributing to the episodic use of leasing,” Peter Wasmer, Chrome Capital’s president and chief executive, previously told Powersports Finance. For new riders and those with challenged credit, leasing can be “the only way to get them onto the field and onto the brand.”
Chrome Capital doubled its year-over-year lease originations in 2015, and projects to double again in 2016. The company currently makes loans for 750 dealers and plans to add another 200 to its roster this year.