NetSol Technologies, which provides IT solutions for finance and lease companies, is in talks to sign on new powersports companies to its LeasePak-Cloud platform, Jeffrey Bilbrey, president of NetSol, told Powersports Finance.
Currently, powersports lessor MotoLease is the only powersports company on LeasePak-Cloud, but NetSol is “talking to a couple others that are very intriguing,” Bilbrey said. He declined to disclose the names of the companies, but said NetSol hopes to do more business in the powersports space “very soon.”
LeasePak-Cloud is an end-to-end portfolio management solution for lease and loan originations that streamlines the finance process. For a monthly fee, the platform offers users features such as managing originations, accounting, and collections.
Portfolio management is important in the powersports market, as lenders tend to offer add-on packages to incentivize customers. Keeping track of the various additional payments and being “operationally efficient” is key in order for powersports companies to turn a profit, Bilbrey said.
“These guys are doing all the same things that the ‘bigs’ are doing,” Bilbrey said, comparing smaller financiers with larger lenders and captives. “They’re working with dealerships, they’re doing their own marketing, they’re trying to go out and capture marketshare,” he added. “They’re writing all the contracts but their ticket size is smaller, so they make up for it with special finance programs that they can sell as part of the deal. They’ve got to be intensely operationally efficient, otherwise they just aren’t going to make enough money.”
Flexibility is key in powersports, he added. Powersports has different asset types, such as motorcycles, off-road vehicles, and marine — meaning that finance companies need to have a credit management system that can help them stay organized.
MotoLease first joined LeasePak in 2013, but has upgraded to the new cloud system to help manage and organize its growing portfolio. The solutions provider also helped implement the lender’s My MotoLease app back in May 2016. MotoLease’s app includes the ability to check payment history, make a payment, receive instant payoff quotes, and provides a dealer locater option to help borrowers find nearby dealerships, according to a previous company press release.
