Despite a slowing of originations due to the hurricanes earlier this year, powersports lenders are seeing higher year-over-year originations and expect growth to carry into next year, according to panelists at PowerSports Finance 2017 in late October.
“I know we are seeing [growth], and I know the dealers are seeing it,” Kristi Mercier, director of operations at ThunderRoad Financial, told attendees. “There was a little bit of a slow from unfortunately the hurricanes. But we are actually seeing a pickup in the month where it should be — as us lenders call it — ‘hiding season.’”
Dealers and lenders are in a “really good position,” added Ben Donnarumma, managing director of American Cycle Finance. Harley-Davidson Inc. has pledged to create 2 million new riders over the next 10 years, and 25% of those new riders are expected to be subprime, he said.