There’s a new powersports lessor in town, Speed Leasing LLC, and it is slated for launch March 1, Partner Hasham Malik told Powersports Finance today.
Speed Leasing, funded by an undisclosed private equity firm, was formed at the end of last year, and plans to have its dealer agreements in place before the company’s official launch, Malik said.
“We are in the process of putting together our legal structure, documentation, and dealer agreements,” Malik said. “Hopefully that will be completed by mid- to late-March so we can be out and writing leases by April 1, but my staff will be out meeting with dealers in March.”
Speed Leasing has six team members that were brought onboard for the company’s launch, each with deep experience in the powersports finance space, Malik said, but declined to offer specifics.
For now, the startup will lease Harley-Davidson motorcycles, 10 years old or newer, Malik said. However, once the company is “up and running,” Speed Leasing hopes to expand and include all metric motorcycles — potentially within two to three months, he added.
“Our objective is to make the process as simple, easy, and seamless as possible,” Malik said. “My belief is if we positively and appropriately service the dealers, that will get us more volume on the lease front. We want to make a wide product offering so that every dealer we go into, we can finance everything they sell. I don’t want restrictions.”
Pompano Beach, Fla.-based Speed Leasing finances consumers from prime down to as low as a 500 Fico score. The company will offer leases in Florida, Texas, North Carolina, and South Carolina to start, but plans to expand “as quickly as possible,” moving up the southeast into additional states.