ThunderRoad Financial LLC has been making great strides since its launch just three years ago. The lender added 75 dealers to its network since May, with plans to stack another 225 by yearend, said Donal Hummer Jr., ThunderRoad’s president and chief executive.
“We have about 375 dealers right now and that keeps going up every day,” he told Powersports Finance. ThunderRoad Financial seems to be “on target” for its yearend goal of 600 dealers, he added.
The Reno, Nev.-based powersports lender’s expanding dealer network and continued growth is due — in part — to increased consumer demand, Hummer said. ThunderRoad’s portfolio increased 279% to 5,717 loans as of January, up from 1,510 loans at the same time a year prior, according to a Morningstar report.
“I think demand is going to continue to rise, and manufacturers are coming out with such great products now that perform well,” Hummer said. Additionally, as more millennial buyers come to the market, the industry can expect to see an increase in financing volume, he added.
Millennials are a “great group to get into buying bikes,” Hummer said. “I see a lot of promise from the finance company’s perspective on those types of customers.” ThunderRoad Financial, for example, utilizes text messaging for servicing and collections, which has been “an efficient way to get a hold of that generation,” Hummer said.
“Our systems are able to handle that kind of communication and that kind of demand,” he said. “They [millennials] also like a lot of data, so the interactive website allows them to see what’s going on with their accounts and their payment, they like to do a lot of things automatically.”
ThunderRoad Financial operates in 30 states, and adds an average of 1 to 2 dealers to its network daily, Hummer told Powersports Finance in May. Approximately 20% of its overall portfolio are subprime or near prime consumers.
ThunderRoad’s Hummer will speak on the “Keys to Successful Subprime Lending” panel at the upcoming PowerSports Finance 2016 conference on Oct. 5 at the Bellagio Las Vegas. For more information, visit www.go.powersportsfinance.com, or click here to register.