Royal Enfield North America is in the market for an additional retail financier to bring the OEM’s consumer financing options nationwide, Vice President of Sales Mike Roark told Powersports Finance at the New York Progressive International Motorcycle Show on Friday.
However, Royal Enfield is putting all of its focus currently towards building its dealer network, before bringing on another partner, Roark said. The OEM operates in 21 states and has 36 dealers, but it plans to expand nationwide, potentially by yearend 2017.
“Our goal is to sign about 5 to 10 dealers per month, and we are still on track for that right now,” added Bree Poland, Royal Enfield’s marketing manager. Royal Enfield will hopefully add another 4 to 5 dealers in the next week or two, she added.
“I think we would love to partner with somebody that could do retail financing for our dealers, giving them another avenue to give customers finance options — such as FreedomRoad Financial, Sheffield Financial, or others,” Roark said. The OEM currently works with ThunderRoad Financial, but is looking for another partner with broader reach.
“Not that we wouldn’t like to see ThunderRoad Financial become bigger, but right now, there are certain limitations to what they can do,” Roark said. For example, ThunderRoad Financial does not offer financing nationwide yet; it currently lends in 35 states.
However, it’s “not fair” to offer financing across the country to Royal Enfield consumers yet, Roark explained. If someone in Nebraska, for example, wants to finance a motorcycle, Royal Enfield can’t complete the deal because it doesn’t have dealers in Nebraska yet, he added.
“So right now the goal is, we need to build the dealer network, and then we can look at what we need to do from a retail finance or retail promotions side,” he said.