Lower interest rates through Synchrony Financial’s retail promotions have allowed the iMotorsports dealer group to sell more Vanderhall Motorworks autocycles, Finance Director Robert Matt told Powersports Finance.
Synchrony became Vanderhall’s preferred finance provider in February, and while iMotorsports was unable to quantify how many Vanderhall deals it has done through the lender for the past month, the additional finance option has been “helpful” in capturing more sales, Matt said.
Synchrony has set interest rates for its Vanderhall program, such as 6.99% for 96 months for 2017 and 2018 Venice models. Additionally, Synchrony is financing consumers that iMotorsports’ regular lender, MB Financial, wasn’t picking up.
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“The first deal that we did was turned down at [MB Financial],” Matt said. “[The lender] didn’t like something on that consumer’s credit, and they declined it. But Synchrony picked it up. So, there is a sale that we picked up that we would not have had otherwise without bringing on Synchrony.”
During Daytona Bike Week last month, iMotorsports sold 15 Vanderhall autocycles. Though Matt was unable to quantify the specific amount, a portion of the vehicles were financed through Synchrony, helping to increase the total amount the dealer sold.
iMotorsports has three locations located in Elmhurst, Ill., St. Petersburg, Fla., and Orlando. The dealer group works with lenders such as MB Financial, American Cycle Finance, and MototLease.