Pre-owned motorcycle finance company Speed Leasing has geographically expanded its coverage to 17 states, Powersports Finance has learned.
The finance company expanded to New Mexico and Pennsylvania in February and added Nevada to its coverage earlier this month.
The expansion increased Speed Leasing’s dealer network to nearly 200, up from 125 earlier this year, Frank Dionisi, director of sales, told Powersports Finance. The lessor plans to push past that benchmark soon and raise their goals accordingly as it continues to grow, he added.
Since launching in 2017, Speed Leasing has been growing rapidly, originating $10 million in leases in less than a year. However, Dionisi said the varying regulations between states means that Speed Leasing will take its time before being officially available to originate in additional states.
“There are as many ways to calculate a lease it seems as there are states,” Dionisi said, “Some states tax differently, [and] require different things for titling. Some states are different for repossessions or when you have to chase the bikes, so you have to make sure that your registered properly in each of the states and that you’re doing business legally.”
Making sure that the payments are being calculated correctly can cause it to get “hairy sometimes,” he added, but the company makes sure that it has dealerships are “ready to go” before it officially launches in a state.