Subprime lender Ride Today Acceptance is on track to hit its monthly loan originations funding goal of $1.5 million by next July, said Jason Sheeley, the company’s national sales manager. The Beverly, Mass.-based startup funds an average of $700,000 in loans each month currently.
Ride Today Acceptance began making loans for new and used on-road powersports vehicles in April 2015, and — as a newcomer to the industry — the company maintains an open mind about new partnerships and ventures, Sheeley said, including the possibility of extending loan terms.
“We are not closeminded to anything at this point,” he said. Ride Today’s loan terms span 12 to 66 months, with its average term around 36 months.
The lender may also “entertain” leasing options in the future, he said. “We probably have to have some sort of agreement with a large manufacturer where they are backing it [the leasing products] to some degree.”
Many consumers have an “emotional attachment to bikes,” he said, which make leasing or temporary situation, a challenge. Consumers often customize the vehicle and “make it their own,” so the vehicle becomes long term as opposed to a lease or temporary purchase, he added.
Ride Today Acceptance operates in 28 states, and hopes to expand into at least two more states by yearend, but the company’s focus remains on growing its footprint in its existing states, Sheeley added.