PDP Group Inc., an insurance services and title administration manager, is looking to increase its presence in the powersports industry by partnering with more lenders, President Shawn Ellis told Powersports Finance.
Baltimore-based PDP reviews title applications and documents, checks for errors, follows up with dealerships and DMVs, and stores the documents in its vault for the duration of the loan. The company mainly specializes in automobiles, but works with one “major” powersports lender and is looking to grow in the powersports industry with lenders of any size, Lewis said.
“[Powersports] is a unique type of portfolio, and we’re trying to build tools around dealing with motorcycles, [personal watercraft], and dealing with off-road vehicles,” John Yarbrough, director of business development and legislative affairs, told PSF. “For example, getting a repossession or getting a title prepared to go to, say, a national powersports auction is a little different than sending it to a major [auto] auction, in the sense that they have a specific location and are really focused on liquidating those units more than the [auto] auction.”
Additionally, the company offers an Electronic Lien and Titling (ELT) program, called Simply ELT, that allows lienholders and DMVs to exchange data electronically. There are a “limited amount” of vendors who offer ELT, Yarbrough said, adding that the service enables powersports lenders to avoid having to store documents off-site.