Full Throttle Finance, a virtual F&I office, is targeting growth this year and expects to “double” its dealer partners by yearend, Chief Executive Joe Becerra told Powersports Finance yesterday.
The La Feria, Texas-based company has formed partnerships with nearly 30 powersports dealerships across the nation, Becerra said. Currently, the company is only operating in Texas, but it aims to expand into Florida by 2018.
“Florida is a big marine state,” he said. “Besides powersports, we also operate financing programs in the marine industry. We want to grow our business in the entire state of Florida — not just in the southern part, like Miami or West Palm Beach.”
Full Throttle Finance not only offers dealers “lender training,” but also provides low-credit consumers with F&I guidance. The company does not replace a dealership’s F&I department; rather, it works on a consumer-to-consumer basis as a third-party service provider to help get the dealership’s declined clients approved through one of Full Throttle’s lender partners. Once the consumer is approved, Full Throttle contacts the customer to discuss payment and rate options, but the consumer’s loan contract and documents are all completed directly at the dealership.
“Our company mainly focuses on helping the small, local dealerships with their F&I process,” he said. “We team up with companies that are owned and operated by veterans.”
The majority of Full Throttle’s clients are powersports dealers, as individual customers only account for 5% of the purchasers. Full Throttle works with low-credit borrowers down to a 500 Fico score, which Becerra considers “subprime borrower-friendly.”
Separately, Full Throttle Finance is partnering with GPS maker, Find It Now USA LLC, to explore the powersports marketplace, Becerra said. The FIN Tracking Center, provided by Find it Now, can locate one’s ride via GPS and send back email and text message alerts.