Startup subprime lender Ride Today Acceptance is slated to launch a virtual layaway program within 90 days, aimed to help its dealer partners sell more units and foster consumer engagement, said Jason Sheeley, the lender’s national sales manager.
The program will be implemented through a new website, which is being developed by a Boston, Mass.-based web design firm. Through the program, consumers can reserve a powersports vehicle by making installments on a down payment. The system provides a counter to track progress before customers can pick up their vehicles from the dealership.
Beverly, Mass.-based Ride Today Acceptance — a subsidiary of Encompass Consulting LLC — began making loans for new and used on-road powersports vehicles in April 2015. The lender has a “conservative goal” to up its dealer count to 400, from 237, by April 2017, and operates in 28 states, Sheeley previously told Powersports Finance.