Finding one single lending portal for the majority of powersports lenders would help speed the finance process for dealers, Robert Matt, finance director of iMotorsports, told Powersports Finance.
In the powersports industry, only a handful of lenders participate in online portals that consolidate applications and funnel them to multiple providers. “I woke up this morning, and I had six applications to submit for my company,” Matt explained. “Because I have three or four banks that give me instant approvals or declines, it literally took me two hours to submit three deals to one bank and three deals to multiple banks. That’s just very time consuming and slows down the average powersports finance manager out there.”
iMotorsports uses AppOne, Dealertrack, Decision Lender and Octane Lending, in addition to in-house lending portals used by lenders such as Synchrony Financial and Citibank.
Some lenders stick to a single online application platform to limit costs, Matt said. But dealers would welcome the ability to funnel all applications through a single system because it would reduce overhead, he added.
“For example, there’s a dealership down in Texas that sells about 200 motorcycles a month, and they have five finance managers,” Matt said. “Now, an auto dealership that sells 200 cars a month is going to have two, maybe three finance managers. So, even to the cost of that motorcycle dealer, it’s going to cost them less for having this integration because they’re not going to need the manpower to input all these applications.”
While larger lenders with in-house application portals would probably avoid joining a third-party platform, smaller lenders may be inclined to join a portal based on dealer feedback, Matt added.
To hear Robert Matt discuss more on this topic, join us for Powersports Finance Summit 2019, October 23-24 at the Hilton San Diego Bayfront. At the Summit, lenders and dealers will have the opportunity to learn new information that will help their business grow, discuss the latest industry data and trends, and network to form new relationships with fellow attendees and vendors. Register now at www.powersportsfinance.net.