MotoLease Partners With Online Bike Retailer RumbleOn

MotoLease LLC teamed up with mobile app and digital bike-buying platform RumbleOn Inc., the companies announced last week. RumbleOn allows consumers to buy or finance motorcycles online with a haggle-free price and have them delivered to their homes, according to Founder and Chief Executive Marshall Chesrown. The model is much like Chesrown’s previous venture Vroom, […]
  • Natalie Mattila
  • December 15, 2017

5 Powersports OEMs Tackle Slow Season With Finance Offers

There is a lull in the season that hits around the fall and wintertime for powersports, as colder weather causes consumers to store their motorcycles. However, manufacturers are tackling the slow season with value-added bargains. From low-rate financing to customer cash-back offers, OEMs are ramping up incentives to help bolster new sales and help clear […]
  • Natalie Mattila
  • December 14, 2017

CFPB Continues Use of ‘Mystery Shoppers’ [VIDEO]

The Consumer Financial Protection Bureau is still using “mystery shoppers,” which is why lenders are advised to continue treating each consumer as a potential undercover regulatory agent, said Molly Calkins, partner in the Consumer Financial Services Practice Group at Akerman LLP. Mystery shoppers are investigators posing as consumers to apply for loans and to test […]
  • Natalie Mattila
  • December 13, 2017

Powersports Lenders Advise Dealers to Ask for Performance Data [VIDEO]

As dealers urge lenders to distribute portfolio performance data to help improve the F&I process, lenders maintain that data is, in fact, being offered upon request, according to panelists at PowerSports Finance 2017 in late October. “Most of the time there is not any reason why we can’t provide [data], it just depends on data […]
  • Natalie Mattila
  • December 12, 2017

Why Dealers Should Embrace Digital Disruption Amid Millennials’ Mobile-Only Mindset

Only 17 out of 4,002 consumers prefer the current car-buying process, and as these “smartphone-wielding consumers” continue to embrace today’s digital world, this disconnect will begin to find its way to the bottom line, according to a recent white paper from used-car leasing app Fair. “No matter their stellar customer service or revolutionary sales practices, […]
  • Natalie Mattila
  • December 11, 2017

Alternative Data Spurs Record-Low Delinquencies for American Cycle Finance

American Cycle Finance reported its lowest delinquencies on record last month, after the lender ramped up use of alternative data for credit decisioning, Managing Director Ben Donnarumma told PowerSports Finance. “We have made some improvements with technologies,” he said, referencing the company’s use of alternative data, which has “given us more information to do our […]
  • Natalie Mattila
  • December 8, 2017

Senate’s Tax Bill Could Boost Powersports Industry, Free Up Disposable Income [VIDEO]

ThunderRoad Financial is feeling “very optimistic about 2018,” and the Senate’s tax reform overhaul could boost the industry even further, said Donal Hummer Jr., the lender’s president and chief executive. “We are seeing really strong demand and good floor traffic for dealers,” he told attendees at PowerSports Finance 2017 in late October. “Our volume is […]
  • Natalie Mattila
  • December 7, 2017

Auto Finance Continues Migrating to Mobile, Chase Research Finds

Nearly half of Americans are comfortable completing vehicle purchases online, and one in five car buyers have already secured financing online, according to new research from Chase Auto Finance. However, more than half of Americans — 53% — remain uncomfortable with online vehicle purchases because 76% of those Americans wish to test drive the vehicle […]
  • Natalie Mattila
  • December 6, 2017

ThunderRoad CEO Spotlights Auto, Powersports Differences Amid Rising Regulation

The regulatory landscape is “getting worse” for lenders, but powersports finance is not “predatory lending,” Donal Hummer Jr., president and chief executive of ThunderRoad Financial, said at PowerSports Finance 2017 last month. There is a “defining difference” between powersports and auto or home lending, Hummer said. “Predatory lending really applies to a situation when you are taking […]
  • Natalie Mattila
  • December 6, 2017

Lenders Scout ‘Dealer-Centric’ Fintech Partners

Lenders will continue to seek fintech partners to increase production and facilitate new product opportunities in 2018, several executives told Auto Finance News, however, banks and credit unions in particular are scouting for “dealer-centric” or “hybrid” platforms. “If you look at technology, we are always looking for internal partners that can bring us better, faster, […]
  • Natalie Mattila
  • December 5, 2017
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