Roadrunner Financial is expanding coverage to include outdoor power vehicles — such as tractors, golf carts, and mowers — following the appointment of Jon Vestal as vice president of outdoor power equipment, Powersports Finance has learned.
Vestal joined the lender in December 2017 and will guide the newly created division, which officially launched in January. “My top priority is to gain corporate partnerships with OEMs and really [help Roadrunner] be the near-prime partner of choice in the outdoor power equipment space,” Vestal said.
The new division was created to meet a demand that Roadrunner noticed based on dealer feedback. “There hasn’t been a great near-prime option for outdoor power equipment dealers and OEMs,” Vestal said. “We’ve been able to come on strong with some good partnerships early.”
The biggest challenge of Roadrunner’s new division is developing those partnerships before consumer demand for outdoor power equipment spikes in late March.
“We are breaking into the space, meaning that we’ve been meeting with large corporate partners,” he said. “We’re just trying to get everything accomplished … before the heart of the season really gets going.”
Vestal joins Roadrunner Financial after having served two years as national sales manager for Dealer Direct, the powersports division of Batesville, Ark.-based First Community Bank.
Vestal’s replacement has not yet been named. New York-based Roadrunner — which was founded by the same team behind lender aggregator Octane Lending Inc. — specializes in financing customers with Fico scores as low as 550. Loan terms start at 24 months for powersports vehicles.
This article originally appeared in the monthly Powersports Finance Update newsletter. To view previous issues, click here.