FORT WORTH, Texas — Octane Lending will form a dealership council in the first quarter of 2019, Chief Executive Jason Guss said during a fireside chat at PowerSports Finance 2018.
The council will provide feedback on initiatives being considered by Octane, an aggregator of powersports lenders. Octane will provide further details on the council early next year, Guss said.
Roadrunner Financial, Octane’s lending subsidiary, receives dealer feedback via two teams. The sales team travels around to dealerships and builds relationships, and the “dealer success team” — as it’s called — that interacts with dealers on loans not automatically approved or on approved loans that were ultimately funded with other lenders, Guss said.
“We asked for feedback on deals where we don’t close,” Guss said. “We usually ask the dealer to try to understand why we didn’t close the deal, and try to incorporate that feedback over time to understand what we can be doing to convert a higher percentage of these loans.”
As a technology company, feedback from users is essential to improve the customer experience.
“Our system doesn’t always get it right, and our dealers need help to understand our platform,” Guss said. “We have a team of folks who help with closing the deal, aiding the dealers in the process, [and working through] any hiccups.”