Powersports lender ThunderRoad Financial is partnering up with Georgia’s Own Credit Union and will be the loan originator for the five states that the credit union operates, Donal Hummer Jr., chief executive officer of ThunderRoad, told Powersports Finance.
Through the partnership, ThunderRoad will be able to expand its foothold in the mid-Atlantic states of Georgia, Florida, Alabama, North Carolina, and South Carolina, and reach dealers that it had been waiting to “activate,” Hummer said. “We’ve had quite a few dealers on the waiting list in those mid-Atlantic states just because of how much volume we can handle. This partnership with Georgia’s Own and their resources means that we can expand in those states, expand our dealer base, and expand the volume of loans that we are able to purchase.”
Dealers can also expect quicker turn times from credit approval to funding. Powersports customers who are approved for this program will also become members of Georgia’s Own Credit Union, enabling them access to other programs and products that Georgia’s Own has to offer.
The Reno, Nev.-based ThunderRoad Financial sees the mid-Atlantic states as an important powersports market due to the number of motorcycle riders in the territory.
“North and South Carolina, Georgia, Florida — all huge powersports motorcycle riding states,” Hummer explained. “Also, with maybe the exception of these last few months due to bad weather, they are pretty much year round riding states, so from the standpoint of a powersports finance company, that means you have a steady group of customers that are buying, trading in, and purchasing powersports products.”
This is ThunderRoad’s first credit union partner and there is a “possibility” that the lender could partner with more credit unions in the future, Hummer said. “There could also be that if Georgia’s Own does any expansion then we can do something there, too.”