BOSTON — Ride Today Acceptance added a dozen dealers to its network in August, with another 15 “in the works,” National Sales Manager Jason Sheeley told Powersports Finance.
The startup subprime lender now has 261 dealers in its network, putting the company on track to hit its “conservative goal” of 400 dealers by April 2017, added Ben Donnarumma, the company’s partner and director of sales and marketing.
It can be challenging to get dealers to sign up, Sheeley said. However, Ride Today expects to see a “pretty big upswing” with at least 20 dealers added this month, and another 20 to 25 in October, as the motorcycle business nears its off-season and dealers are less busy, Sheeley added.
Beverly, Mass.-based Ride Today Acceptance — a subsidiary of Encompass Consulting LLC — began making loans for new and used on-road and off-road powersports vehicles in April 2015, and funds an average of $700,000 in loans each month, Sheeley said.
Ride Today’s Donnarumma will speak on the “Keys to Successful Subprime Lending” panel at the upcoming PowerSports Finance 2016 conference. During the Oct. 5 session, Donnarumma and his fellow panelists will discuss subprime risk, underwriting best practices, and how to avoid seasonal repossession challenges.