Floorplan lender Northpoint Commercial Finance, which has added 25 associates in account management, credit underwriting, and sales in the past year, is looking to increase its 50 powersports OEM partnerships in 2019, according to Senior Vice President of Business Development Darren McCarthy.
McCarthy believes the relationships with current partners will spur growth at Northpoint.
“[Our dealers] may come to us for one line of credit, but they quickly realize that the service level is superior to what they may have with another lender, and they’re the ones that want us,” McCarthy said. “They’ll promote another OEM to us, and us to the OEM, and say, ‘Look, I’d like to finance this product with Northpoint.’ It’s organic customer references and referrals.”
McCarthy said Northpoint Commercial Finance grew its net receivables 30% to 40% so far this year, to $1.3 billion. “More than anything else, we’ve got very, very aggressive growth goals,” McCarthy said. “We are going to continue to expand and grow, and offer these powersports dealers better service at more competitive rates. We’ve grown our business 30% to 40% year over year, and we think we’re going to maintain that kind of aggressive growth percentage.” Subsequent to McCarthy’s comments, the company said that it has yet to release a financial report for the year and would not confirm its financial numbers.
The Alpharetta, Ga.-based lender exceeded $1 billion in receivables last year following its August 2017 acquisition by LBC Capital — a subsidiary of Laurentian Bank of Canada. Through the acquisition, the company was able to lower its cost of capital and retain its culture and staff.