Freedom Powersports has implemented Fuel Capital Group into all 13 of its stores due to the lender’s fast funding, Chase Vance, regional director of operations at Freedom Powersports, told Powersports Finance.
The dealer group signed up with Fuel Capital Group in October 2019, and the lessor has “really started to take off for us,” Vance said.
On average, Freedom’s larger stores finance 20 contracts per month through Fuel. Smaller-sized stores have three to five contracts financed. Freedom Powersports has locations in Texas, Alabama and Georgia.
Based in Naples, Fla., Fuel used automated decisioning to improve the speed of its approvals and is developing a tool to prepopulate the application with credit-report data.
“Fuel has faster funding,” Vance explained. “It’s less cumbersome for the consumer and the dealership. Their online platform is extremely easy to use. Everyone’s No. 1 goal, as far as lending, is how fast can we get funded on a deal for cash flow purposes?”
In addition to Fuel, Freedom works with MotoLease and Speed Leasing, but the dealer group finances the most contracts through Fuel.