Speed Leasing Co. lifted starting-mileage restrictions on its leases last Friday, Director of Sales Frank Dionisi told Powersports Finance.
“Customers can lease bikes with Speed regardless of starting mileage and, as always, they can ride as many miles as they wish over the life of their Speed Leasing Co. lease,” Dionisi said.
Previously, leases were limited to 50,000 miles at inception. “We use a number of different factors to evaluate and manage risk,” Dionisi said. “Residual value is one piece of a larger methodology and process.”
Separately, the startup is set to open operations in Georgia and Indiana in the “coming weeks,” he added.
The Pompano Beach, Fla.-based startup, which exclusively leases pre-owned Harley-Davidson bikes, now operates in six states.
The startup’s Chief Executive Hasham Malik will speak on a newly added “Keys to Successful Subprime Lending” panel at the upcoming PowerSports Finance 2017 conference, which is slated for Oct. 24-25 at the Wynn Las Vegas. During the session, Malik and his fellow panelists will discuss subprime risk, underwriting best practices, and how to avoid seasonal repossession challenges.
Other sessions include: Finding Loan Growth Amid Increasing Competition, F&I Dos and Don’ts, and Regulatory Compliance Update.