Consumer demand for motorcycle refinancing is gaining ground at Concierge Financial Services, thanks to the company’s marketing push in recent months, Chief Executive and Founder Thomas Domin told Powersports Finance.
Frankfort, Ill.-based Concierge Financial Services, founded in 2013, is a national finance and insurance marketing firm that focuses on auto, motorcycle, marine, RV, and airplane refinancing. The company acts as an aggregator, connecting consumers with its marketplace of lender partners to obtain lower-interest financing.
“We are seeing a spike [in demand] right now for refinancing,” as compared to last year, he said. “Granted, it could be because the Concierge name is getting out there more. It has built it’s presence in that space, and we are seeing more Google customers coming to us, in particular.”
A year ago, the biggest challenge with motorcycle refinancing was a lack of consumer awareness, Domin said, but that’s changing for the company.
Concierge started its business in the auto space, then “slowly peeled over to motorcycles,” Domin said. “We noticed that [there are] A and A+ customers paying an exorbitant amount of interest on their current loans, where we can obtain them between 3% and 6% interest by refinancing them. When you are talking about interest rates, dropping it that low, you can see a savings of $10,000 to $15,000 in interest over the term of loan.”
A majority of Concierge’s motorcycle business is from loans for Harley-Davidson bikes, Domin added.
Concierge Financial works with a dozen powersports credit unions, but is open to teaming up with financial institutions, Domin said.
“If there is a specialty lender — like Sheffield Financial or Dealer Direct, for example — I would work alongside a specialty lender,” he said. “But 99% of my partnerships are with credit unions currently.”
