Speed Leasing LLC is “feverishly” approaching its goal of having 100 dealers in its network by month’s end, thanks — in part — to the team’s prior experience working for Chrome Capital, the startup’s Director of Sales Frank Dionisi told Powersports Finance.
Chrome Capital stopped accepting lease applications in September 2016. Since launching in April, Speed Leasing Partner Hasham Malik recruited five of Chrome’s former employees for the startup, including Dionisi, who was the former dealer development manager at Chrome.
The startup also recruited Brian Cramer, director of operations, who was formerly Chrome Capital’s vice president of dealer development and underwriting. “I think that our time in the retail space allowed us, and continues to allow us, to develop products that meet dealer needs,” Cramer said.
The Pompano Beach, Fla.-based startup, which exclusively leases pre-owned Harley-Davidson bikes, has about 30 dealers in its network and operates in four states. However, within the next 30 days Speed Leasing will be operating in at least another 12 states.
“We had existing relations with hundreds of dealers prior to Chrome Capital, then through Chrome Capital, and then we kept them ongoing,” Dionisi said. “We engaged with every dealer that fits into our space. Our goal is to get them to submit every customer to Speed Leasing. We are not going after Chrome Capital’s customers, but we are going after all used-motorcycle customers.”
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.