Vanderhall Motor Works, a manufacturer of three-wheeled vehicles, is seeking to partner with retail lenders to aid with company growth and attract new riders, Chief Executive Stephen Hall told Powersports Finance.
“Consumer lending would be paramount,” Hall said. “I was at a powersports dealer and then I was in an automotive dealership for 13 years, both of those businesses don’t exist without customer financing.”
Dealers typically arrange financing for Vanderhall vehicles — known as open-air autocycles — using existing partnerships with lenders like MB Financial or credit unions. Vanderhall roadsters overlap between powersports and automobiles, attracting customers from both markets.
“These are people who are a little scared to get on a bike or don’t like all the gear that they put on when they ride a bike,” Hall said. “[Our vehicles are] not as threatening as bikes. We’re never going to replace the two-wheel experience or the comfort of a car.”
Provo, Utah-based Vanderhall was founded in 2010 and constructed its first model in 2015. Formerly, the manufacturer only sold its vehicles at independent dealers, but it expanded its network to franchised dealerships after developing new vehicle models. The OEM works with 42 dealers in 25 states.