Dealers are making “clean” contracts in transit (CIT) their top priority this year, in addition to scouting for subprime lenders and credit union partners.
That is one of the key takeaways from five Freedom Powersports’ dealerships.
A contract in transit is a loan contract that has been signed and agreed upon by all parties, but the lender has not sent the funds yet or has sent the funds but they have not arrived.
Powersports Finance interviewed the five Freedom Powersports dealerships to detail their top priorities for the remainder of this year.
Following are edited excerpts from the southern dealers:
1. Freedom Powersports McKinney, Texas
“Our priorities for retail financing are making sure we are utilizing each and every opportunity to increase our gross [profit] as well as overall performance for F&I,” said Teresa Lynch, the dealership’s F&I manager.
“Utilize approvals to the max with an effective loop process to guarantee every dollar is captured,” added Matt Lang, the dealership’s general manager. “Contracts-in-transit (CIT) clean and clear!”
Freedom Powersports McKinney’s lender partners include: Sheffield Financial, Synchrony Financial, Citi Retail Services, Performance Finance, GO Federal Credit Union, DATCU Credit Union, MB Financial, ThunderRoad Financial, Roadrunner Financial, Marine One, Model Finance, and MotoLease.
2. Freedom Powersports Weatherford in Hudson Oaks, Texas
“Our priority is to fully understand all programs, and to be able to get funded in a timely manner,” said Logan Galbreath, general manager of the dealership.
Freedom Powersports Weatherford’s lender partners include: Sheffield Financial, Synchrony Financial, Citi Retail Services, FreedomRoad Financial, Yamaha Motor Finance Corp., MB Financial, Roadrunner Financial, Model Finance, ThunderRoad Financial, and Marine One Acceptance Corp.
3. Freedom Powersports Lewisville, Texas
“My personal priorities are just to have a year that I am not chasing problem deals from years prior, to focus on what’s in front of me, maintain a clean CIT, and maximize every deal presented to me,” said Heather Addleman, a F&I manager at the dealership. “We have done a lot of training with all customer-facing employees with regard to [our financial services providers] and will always have that as a top priority.”
“Currently, my goal has been to find some local credit unions to partner with to ensure we are being completely thorough on our lowest rate offers,” added John McKinney, an F&I manager at the dealership.
Freedom Powersports Lewisville’s lender partners (including marine) are: American Honda Finance, Synchrony, Citi Retail Services, Yamaha Motor Finance, MotoLease, First Community Bank, American Cycle Finance, MB Financial, Unity One Federal Credit Union, DATCU, U.S. Bank, Sheffield, Bank of the Ozarks, Bank of the West, Blue Water Financial, ThunderRoad Financial, Model Fiance, LendMark, and Marine One.
4. Freedom Powersports Fort Worth, Texas
“[We have] been working on getting more subprime lenders,” said Kyle Blackett, the dealership’s general sales manager. “The more lenders that we have at our disposal, the better chance we have to get more deals bought.”
Freedom Powersports Fort Worth’s lender partners include: American Honda Finance, Synchrony, Citi Retail Services (for Honda and Kawasaki revolving credit programs), Yamaha Motor Finance and Yamaha Credit Card, Marine One, MB Financial, ThunderRoad Financial, Model Finance, Sheffield, Roadrunner Financial, American Cycle Finance, MotoLease, First Community Bank, and Southside Bank.
5. Freedom Powersports Decatur, Texas
“CIT under seven days for all loans, and increased overall approvals by ensuring that we are utilizing all lender partners for every deal,” said Jake Robison, the dealership’s general sales manager.
Freedom Powersports Decatur’s lender partners (including marine) are: Synchrony, Citi Retail Services, Roadrunner Financial, Sheffield, Westlake Financial Services, MotoLease, Yamaha Motor Finance, MB Financial, Marine One Acceptance Corp., ThunderRoad Financial, and Snap Finance.Like This Article