CycleOne Financial plans to launch a dealer portal to make its software more dealer-friendly, after raising sufficient capital in the company’s Series A round, President Logan Riley told Powersports Finance.
The portal will enable dealers to upload documents and stips, as well as check on the status of submitted credit applications, he said. To start out, CycleOne will partner with a third-party software company, but eventually the startup hopes to build an in-house dealer portal. The portal is projected to be “up and running” within the next six to 10 months, he added.
The Orlando, Fla.-based motorcycle lessor launched in April 2015, and has raised $4 million in seed funding to-date. Now, CycleOne — which has funded 600 leases since its launch — plans to use the undisclosed amount of Series A funding to expand its dealer reach to the entire state of Florida. CycleOne makes leases for 15 “hand-selected” dealerships in the Orlando and Tampa Bay areas.
CycleOne isn’t the only startup developing a dealer portal. Speed Leasing LLC is gearing up to launch its dealer portal within the coming weeks, the company’s Partner Hasham Malik told Powersports Finance. Speed Leasing plans to have its dealer agreements in place by the end of this month, and start underwriting leases by April 1.