EagleRider has clicked up a gear after announcing its partnership with private equity firm Main Post Partners, to pursue a significant global expansion plan, Chris Clovis, EagleRider’s vice president of operations, told Powersports Finance.
EagleRider has partnered with six major lenders on the retail side, in addition to its in-house financial provider EagleRider Finance, which provides wholesale and retail financing. With its new partnership with MPP, EagleRider hopes to further expand its financial partnerships, Clovis said.
“We are always looking for new lending partners,” particularly subprime lenders, he said. “Because we play in the Certified Preowned space, we are experts in subprime.” Of EagleRider’s CPO sales, about 40% or 50% are subprime, and the other 50% are split between prime, mid-tier, and cash buyers, according to Clovis.
San Francisco-based Main Post Partners has “expertise in turning a company from what’s essentially a midsize American ‘mom-and-pop’ into a full-on global brand and corporation, that’s ultimately where we want to go,” Clovis said. The partnership, which took effect mid-February, will allow EagleRider “to jump from a small pond into the ocean,” Clovis said.
“We’ve built a great brand, but once you get to that big of a company, you need help with things like infrastructure,” including how to develop a board of directors, how to create a more robust human resources department, and how to navigate trademarks and do business in other countries, he added. “As a motorcycle company that grew up from nothing, we are looking for people that are really good at all of that.”