Home Loan Investment Bank (HLIB) added 25 powersports dealers to its network on April 1, bringing its total to more than 90 dealer partners, Mike Dikdan, vice president of auto lending, told Powersports Finance.
The dealers were added through Octane Lending, an indirect lending platform provider that pairs dealers with lenders.
While the bank only finances road-registered motorcycles within its powersports portfolio, “other powersports vehicles are not off the table,” Christine Dikdan, assistant vice president of auto lending, said. “Octane Lending was our first real major push into it [the industry], which extended our territory greatly. We want to see how this goes first before expanding.”
Warwick, R.I.-based HLIB partnered with Octane in December 2015, and the first 50 dealers were rolled out in January 2016. The bank could add as many as 50 more powersports dealers in May. “We love the business and we will continue to try to add as quickly as we can,” Mike Dikdan said.
Through Octane, the bank has completed 55 loan deals in March, and projects to exceed 100 in April. New York, N.Y.-based Octane Lending currently has 720 dealers signed up for its program, and 15 partnered lenders.