Excel Finance plans to bolster its dealer network in 2017, on the heels of underwriting improvements this year, Dealer Relations Manager Valerie Figueroa told Powersports Finance.
“Our main focus is signing up new dealers,” Figueroa said. “We used 2016 to improve our [underwriting] program, now we are ready to get new dealers with it.”
For example, Excel extended motorcycle and car loan terms at the beginning of January, Figueroa said. The company increased its shortest loan term to 42 months, up from 36 months, and extended terms for current year, used-vehicles as far out as 72 months, up from 66 months.
“We feel that our program, with the parameters set, is good right now,” she said, which is why the subprime lender is shifting focus to adding dealers.
Excel — which has 34 branches throughout Texas and Louisiana — has doubled its dealer network to 40 since February. The Lakeway, Texas-based lender offers loans on vehicles five-years-old or newer, and targets the subprime market. It funded 600 motorcycle loans to-date in 2016, and 700 motorcycle loans for the full-year 2015.