The former founders of Chrome Capital, a leasing company that shut its doors in 2016, have formed a new company called Fuel Capital Group, Powersports Finance has learned.
President and CEO Peter Wasmer and Chief Financial Officer Stephen Swain formed Fuel Capital Group earlier this year with a private investment firm and an initial $100 million fund to underwrite motorcycles leases.
Fuel Capital soft-launched in August with more than 30 independent dealerships in 10 states, including Florida, Texas, Georgia, Nevada, and Ohio. Back in May 2016, Chrome Capital worked with 750 dealers in 42 states, and the new company is working to reestablish those relationships.
One such relationship is with Buy Your Motorcycle, a used-only dealership that sells Harley-Davidsons. The Arlington, Texas-based dealership previously worked with Chrome Capital and decided to continue the relationship with Fuel Capital Group.
“We were able to do more deals [since] adding [Fuel Capital],” Brad Van Horn, owner of Buy Your Motorcycle, told Powersports Finance. “They are slightly different from some of the other lease programs out there. It has a higher residual and allows for a lower payment on a shorter term, so we’ve been able to gain a few more deals just by having them around.”
Much like Chrome Capital, Fuel Capital provides leasing for used Harley-Davidsons and services all credit tiers. Additionally, the entirely digital transaction requires low or no down payments, and lower monthly payments than the original Chrome Capital program. The company is comprised of several former employees of Chrome Capital, according to LinkedIn.
“Witnessing dealers across the country employ our program to generate meaningful incremental sales demonstrates the power of Fuel’s innovative leasing program,” Wasmer said in a press release. “At the core of Fuel Capital’s strategy is a proprietary technology platform that provides dealers with near-immediate approvals, 100% paperless DocuSign contracting, and 48-hour funding commitment.”
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