COLUMBUS, Ohio — Roadrunner Financial will officially become a national lender after launching into South Dakota and Vermont within the next three months, President Jason Guss told Powersports Finance during a meeting at AIMExpo 2017.
South Dakota and Vermont are the final two states on Roadrunner’s continental U.S. expansion list. Roadrunner will continue to evaluate opportunities for expansion into Alaska and Hawaii, Guss said.
The expansion news comes on the heels of the lender’s “second-look” used financing program launch on May 15.
New York, N.Y.-based Roadrunner — which was founded by the same team behind Octane Lending Inc. — specializes in financing customers with “less-than-perfect credit, and who otherwise would be declined from traditional, legacy lenders,” according to a company press release.
Roadrunner is currently partnered with 13 OEMs and more than 1,000 dealers. The near-prime lender makes loans for consumers with Fico scores as low as 550, and loan terms can go as low as 24 months.
Roadrunner’s used program “more than doubles the amount of vehicles dealers can finance, helping dealers to provide financing to even more of their customers,” the release states.
While a majority of Roadrunner’s business is new financing, the used-financing program “has been extremely successful so far,” he told Powersports Finance earlier this month, adding that 80% of Roadrunner’s dealers who are using the second-look lender for their new programs also are utilizing it for their used programs.
Additionally, Guss will speak on a panel entitled “Opportunities in Pre-Owned” at the PowerSports Finance 2017 conference, to be held Oct. 24-25 at the Wynn Las Vegas. Guss and his fellow panelists will discuss growth opportunities by product segment, valuation trends, and consumer demand for pre-owned financing.
Guss will be joined in the panel by Andrew Hewitt, director of motorcycles at American Credit Acceptance, and Jeremy Jansen, Wells Fargo Commercial Distribution Finance’s president of motorsports group.
Other sessions at PowerSports Finance 2017 include: Keys to Successful Subprime Lending, F&I Dos and Don’ts and Regulatory Compliance Update. The full agenda can be viewed here. To learn more about this year’s event, visit the event homepage here, or to register click here.