Dealer Direct continues to increase its concentration on used financing to serve what many dealers consider an underserved market, Senior Vice President Steve Wilcoxon told Powersports Finance.
About 30% of what Dealer Direct finances is used vehicles, Wilcoxon said. “That percentage has grown over the past year,” he added. “Five years ago, we were still tied to a local manufacturer of zero-turn mowers, then we started broadening our scope. If you look at us five years ago, our growth has been paramount. Through our evolution and bringing in more product lines, we’ve had a lot of fun with this program, we’ve met a lot of good people, and we’ve positioned ourselves well in the market.”
Dealer Direct — the powersports lending subsidiary of First Community Bank — funded $73 million in powersports loans in 2016, with a goal of reaching $150 million in volume for 2017. The company makes loans for more than 1,800 dealers in 48 states.
