MotoLease LLC and EFG Companies announced an expanded partnership to offer EFG’s private-labeled, Select Guard program through MotoLease’s network of 1,000 authorized dealers, the companies announced March 15.
MotoLease has offered F&I products through Select Guard since May 2014, and EFG’s Guaranteed Asset Protection will now be added to help dealers increase profits and further protect customer investments, Glenice Wilder, EFG’s vice president of powersports, said.
The complimentary product offers limited coverage, which includes 12 months of roadside assistance and six months of vehicle return protection. Upgrade options will also be available. “We haven’t launched MotoLease on a certified program yet, but eventually they will have the opportunity to upsell from a certified product to a full-service contract,” Wilder said.
All add-on products are well integrated into the MotoLease system, Emre Ucer, MotoLease’s managing partner, told Powersports Finance.“ All the paperwork is automatically generated as part of the financing package, so the dealer is not required to fill out a separate application — it brings a lot of convenience and speed.”
MotoLease also reported a 51% year-over-year increase in lease originations since it began offering Select Guard, according to Ucer. “As the trend continues into 2016, we expect similar results this year, as well,” he said.
Los Angeles-based MotoLease adds an average of 50 new dealers to its portfolio each month, according to Ucer. The company funded 7,000 powersport vehicle leases in 2015 — which has a face value of $100 million — and projects to fund 10,000 leases this year.