Roadrunner Financial is seeing “quick dealer adoption” of its used-vehicle financing program, which launched just four months ago, President Jason Guss told Powersports Finance.
While a majority of Roadrunner’s business is new financing, the used-financing program “has been extremely successful so far,” he said, 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.
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.
“We’ve seen that program grow pretty steadily,” Guss said. “It was our No. 1 requested feature from dealers,” and Roadrunner strives to work with its dealers to meet their needs for new products and offers.
New York.-based Roadrunner Financial is a subsidiary of lender aggregator Octane Lending Inc. The near-prime lender currently makes loans for consumers with Fico scores as low as 550, works with 14 manufacturers, and operates in 46 states. Loan terms can go as low as 24 months.
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.