Top 5 powersport stories of 2024

The powersports industry is gearing up for an improved retail environment in 2025 following a year of weakened consumer sentiment and weak sales. Sales declines reported in nearly every month this year have led to increased inventory levels and promotions. Lenders and manufacturers have been proactive in 2024, shifting away from old practices and using dealer and consumer feedback to determine where the financing process could be improved with investment in technology. Here are Auto Finance News ’ top powersports stories of 2024: 1. HDFS’ Flex Financing to include CPO, used units in 2025 Harley–Davidson Financial Services (HDFS) in 2024 reflected on its existing programs, hoping to expand services in a way that will drive growth and reach more consumers in 2025. In October, HDFS announced plans to add certified pre-owned and used motorcycles to its Flex Financing program in 2025. The decision to expand the program joins broader initiatives by the Chicago-based lender to increase motorcycle sales while maintaining the lender’s risk appetite, Yordanka Martin , chief risk officer at HDFS, said at PowerSports Finance Summit 2024 in Las Vegas in October. Going forward, HDFS plans to review each of its programs, including those for limited credit borrowers and first-time buyers, Martin said. 2. Inside Octane’s RideNow Finance launch New York-based Octane Lending has used its tech-enabled platform to find methods, beyond credit tightening, to support dealers navigating this year’s retail headwinds. Octane’s launch of RideNow Finance in November allowed dealer group RideNow Powersports to run its own branded financing promotions and integrate branded financing messaging into its marketing initiatives to reach customers throughout the life cycle of their loans. In addition to launching the private-label deal, Octane also this year entered the marine space. The lender’s overall originations are expected to meet or exceed $1.5 billion by yearend 2024, up 25% year over year. 3. Source One invests in digital financing Specialty lender Source One Financial Services will lean on technology to improve the 2025 shopping experience for consumers in the marine space, where elevated sticker prices are fueling consumer hesitancy. The Minnesota-based lender is exploring the use of third-party companies to add to its available technology in 2025, President and Chief Executive Michael Opdahl told AFN . Opdahl did not share specifics but said the improvements will help the financier offer simple, digital financing capabilities when consumers return to market. 4. Synchrony extends powersports credit card financing Synchrony Financial in August updated the value proposition on its Synchrony Outdoors credit card after dealers, citing consumer feedback that requested that the credit line be applicable on products with vehicle identification numbers priced below $5,000. The move came after Synchrony launched an aftermarket financing program in March 2023 . 5. Powersports lenders reimagine tech, buyer programs Industry executives in October reiterated plans to bridge gaps in the consumer experience while investing in technology where it matters. Yamaha Financial Services is prioritizing understanding consumer preference, with hopes to identify where those tech investments are most desired. Sheffield Financial is also exploring technology that will “complement” its existing services without replacing traditional services. Register here for the free Auto Finance News webinar “Tapping Aftermarket Products to Improve Dealer Relations and Profitability,” taking place on Tuesday, Jan. 14, at 10:45 a.m. ET.

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