Speed Leasing LLC wants to be a “top-to-bottom” provider of powersports services, which includes offering wholesale finance and ancillary products for its dealer base, Founder and Chief Executive Hasham Malik told Powersports Finance.
Floorplan financing is targeted for “further down the road” toward the end of 2019, Malik said. The lessor is working to create the infrastructure needed to provide floorplan financing, which includes securing capital and developing technology.
“There are three pieces to all of this,” Malik said. “The first piece is capital. You have to have the right capital in order to be able to do it. The second piece is you have to have the operation to be able to sustain it. You’ve got to be able to have people on the ground [monitoring the bikes], and you’ve got to have the technology infrastructure. Then the third is you have to have the marketing and sales infrastructure. We’ve got the sales and marketing infrastructure already built. For the most part, we have the capital, and as far as the internal operational and technology infrastructure, that’s really what has to be built and that we were taking in steps.”
Additionally, Speed Leasing is planning to provide ancillary products such as GAP, warranty, and tire and wheel, as a means to further support dealers.
“We’re working to develop all of these products,” Malik added. “Over the next several months, we’ll start doing different [motorcycle] makes in addition to Harley and Indian. And probably the next thing after that is we’ll start rolling out warranty products, [such as] gap, extended warranties, tire and wheel. And then eventually, we do want to be in the floorplan business.”
Speed Leasing provides leasing programs for Harley-Davidsons and Indian Motorcycles. It added Indian to its offerings earlier this month.