Fuel Capital Group has upgraded its technology to allow dealerships to receive “immediate” automated decisions and contracts, President Peter Wasmer told Powersports Finance.
“As experts in the assets that we lease, the ability to create a deal opportunity for a dealer becomes fairly programmatic, and we operate under a philosophy that if it is repeatable, let’s automate it,” Wasmer said. “What we were finding is the underwriting box that we use for our leases is very predictable and repeatable. So, we engineered our technology to deliver an automated decision, which puts an applicant into a credit tier on the system, so a dealer doesn’t have to guess. He knows that for this particular customer, this is their credit tier, and then they plug in the bike and they can build a transaction immediately.”
After submitting a finance application, the dealer will receive an automated decision primarily based on the asset, “99% of which are approvals,” Wasmer added. The dealer can then request and receive a digital contract for the customer to DocuSign on the spot.
Previously, an underwriter would manually review the contract and come to a decision. Fuel Capital automated the process to help close deals faster and reduce the back-and-forth between consumers, lenders, and dealers.
Though the finance process is automated, dealers can work with Fuel to adjust deals if they need to, Wasmer added.
“There’s a very mechanical part of the deal opportunity that we give a dealer, but the human side of it — which is where we thrive — is actually in taking the response and constructing a deal that works for not only for the dealer but for his rider,” Wasmer said. “It isn’t just, ‘This is your answer, and that’s the only answer.’ The dealer has a number of different levers and dials inside of every transaction that he can manipulate. He can work with the term, he could change the bike, and that will change the opportunity for that customer. This is where the human factor and the experience of our team come into play.”
Fuel Capital Group provides leases for Harley-Davidson and Indian Motorcycles. The Naples, Fla.-based lessor works with more than 100 dealers in 18 states.