Speed Leasing Co. is now originating leases for customers who live in Oklahoma, with plans for further expansion into seven additional states, Director of Sales Frank Dionisi told Powersports Finance today.
Oklahoma brings Speed’s active state count up to eight. Next up are Indiana, Tennessee, Illinois, Ohio, Alabama, Nevada, and New Mexico, Dionisi said.
In mid October, the startup lifted starting-mileage restrictions on its leases, Dionisi previously said. “Customers can lease bikes with Speed regardless of starting mileage and, as always, they can ride as many miles as they wish over the life of their Speed Leasing Co. lease.”
Previously, leases were limited to 50,000 miles at inception. “We use a number of different factors to evaluate and manage risk,” Dionisi said. “Residual value is one piece of a larger methodology and process.”
“We are working on a couple additional enhancements to be announced by the end of the year,” he added.
The Pompano Beach, Fla.-based startup, which exclusively leases pre-owned Harley-Davidson bike, began originating leases in April.
