Dealer Direct — the powersports lending division of First Community Bank — experienced its “best year yet” in 2017 with growth in portfolio outstandings of 17% year over year, Senior Vice President and Manager Steve Wilcoxon told Powersports Finance.
After preparing to end the year “somewhat flat,” the powersports lender increased originations in the last four months of 2017, he said.
“I can’t explain where the volume came from, but it was an awesome feat,” Wilcoxon said, adding that the overall volume was just under $80 million for 2017. “I challenged our team this past year with some rather lofty projections, and we did not reach that [goal], but to do better than our best did make the numbers a bit sweeter.”
Dealer Direct is working to launch three new product lines “that fit our wheelhouse in the powersports industry as well as the zero-turn lawn mower industry,” he said.
Additionally, Dealer Direct increased the size of its staff by 17% year over year in 2017.
Amid the growth, First Community Bank purchased adjacent properties to its main office in Batesville, Ark., and finalized plans to build a multi-story building to house Dealer Direct.
The lender works with 1,800 dealers in 48 states as of November 2017.
This article originally appeared in the monthly Powersports Finance Update newsletter. To view previous issues, click here.