Startup subprime lender Ride Today Acceptance is attempting to fill the gap for subprime financing in the powersports industry.
Beverly, Mass.-based Ride Today Acceptance — a subsidiary of Encompass Consulting LLC — has a “conservative goal” to up its dealer count to 400, from 237, by April 2017, said Jason Sheeley, the lender’s national sales manager.
Ride Today Acceptance began making loans for new and used on-road powersports vehicles in April 2015, but has kept a “relatively low profile,” Sheeley said.
The company noticed a lack of competition in the subprime and nonprime powersports space, added Dan Wilensky, the company’s managing director and owner. Plus, bigger lenders often “tighten up” during difficult economic times, which can allow small lenders to snare marketshare, Wilensky added.
“We think there are more customers on sidelines than there are existing customers,” because that subprime loan product has been hard to come by in the past, Wilensky added, and Ride Today Acceptance is hoping to fill that void.