Security National Automotive Acceptance Co. expanded its civilian motorcycle program nationwide last month, after testing the finance program through a small number of dealers in the fourth quarter of 2014.
“Our dealers kept asking if we would buy motorcycle contracts, so we began researching what the competition was doing, what our dealers needed, and most importantly, what were the service members looking for,” Vice President of Credit and Compliance Bob Bender told Auto Finance News. “We found that there wasn’t much competition, and that motorcycle owners loved their bikes probably more than they loved their cars. It turned out to be a great venture for everyone involved.”
SNAAC gained experience with motorcycle financing in the past seven years through its program for military customers, Bender said, and decided to pilot the civilian program with 11 dealers across the U.S. before rolling out the program to its entire dealer base.
“[We] found that there was a nice market for our program,” Bender said. The Mason, Ohio-based specialty finance company purchases and services retail finance contracts for new and used vehicles from dealers in 30 states.