ThunderRoad Financial launched a “major upgrade” to its loan origination system last week, in an effort to grow its dealer base, Founder and Chief Executive Donal Hummer Jr. told Powersports Finance.
The system upgrade — TCI’s DecisionLender 4 — will allow a “host of enhancements specifically targeting the dealer interface and portal,” Hummer said.
Some of the enhancements include: quicker decisioning, real-time chat with the dealers, e-signature, simplified loan structure modifications, and real-time NADA bike valuations, Hummer said. Also included are online video tutorials and web-based training, improved integration with backend products, and comprehensive dealer and financial analytics, he added.
“We are making this investment so that we can continue to provide, and exceed, the level of service the dealers expect,” Hummer said. “At the end of the day, we are providing a service to the dealers as they are our primary customers. For us to succeed, we need to continuously improve our processes to retain our current dealers and to grow our dealer base.”
As a powersports finance institution, “you are either driving forward and constantly striving to improve your processes and the relationship with your dealers, or you are just rolling backwards,” he said.
To that end, ThunderRoad Financial needs three things in an effort to improve its dealer relationships: “No. 1: Have a competitive program that offers prudent and consistent financing across all credit tiers; No. 2: Flexibility to buy all makes and models that the dealer sells, whether new or used; and No. 3: A very robust and efficient origination portal that allows dealers to easily and quickly get their deals approved and contracted,” Hummer said.
Many consumers today are doing business differently, TCI President Bill Nass told Powersports Finance in February. “With the power of the internet and a lot of products out in the marketplace, many of our lenders can enable dealers to have the credit application online, which can enable the consumer to apply, get pre-approved, and walk into dealership knowing they have already qualified for the loan. The dealer is notified and they can generate the documents on the spot.”