Issue link: https://read.dmtmag.com/i/698493
www.PowersportsBusiness.com dealer groups is that all-in it costs around $400 to step foot on the property — if you include the overhead, advertising, etc., to get one per- son into the dealership," he said. "And I talk to dealers that have a 30-40 percent turndown rate with not having non- and sub-prime lend- ers. That turns into an awful lot of money spent on advertising, salaries and overhead for people to come and say, 'Yes, I want to do business with you,' and you have to give them their deposit back a few days later and say, 'Sorry, we couldn't help you.' And they walk out the door, simply because the financing options weren't available to them." Dealers who have signed on with Ride Today Acceptance average a 10-15 percent increase in sales, while some are up 20 per- cent or more. One newer, small, pre-owned dealership that is working with Ride Today is selling so many more motorcycles now that it can't keep enough units on the floor to meet demand. "Basically what we're doing is we're just doing incremental sales that they're losing," Sheeley said. When Ride Today Acceptance considers an applicant's loan, the applicant's type of job, job longevity and the job stability in the geographic area are all considered. "We build the picture. They have to be able to overcome the objections on the credit report. A lot of times we will do an interview with the customer through the dealer or directly, and we build the picture to overcome any objections. Then the final step is to look at the credit," Sny- der said. Credit dings like motorcycle repos or simi- lar issues might cause a problem, but a 30-sec- ond to two-minute interview between Ride Today Acceptance and the customer can some- times clear up certain issues. And if it appears the loan will be denied, Ride Today looks at other options that might help the customer take a bike home. "If they need a few more months on a loan, or if they need a little help with the down pay- ment — maybe the customer doesn't have what we wanted initially — we can go to underwrit- ing, and say, 'Listen, we're $300 away from being able to do a deal here, is there any extra room, keeping in mind we are very close?' Sometimes they have to slot collateral or get a co-signer or something like that, but it's not just approve or decline. There's a lot of middle ground there that we can work with the dealers on," Sheeley said. To assure the payments are made and cus- tomers can rebuild their credit, Ride Today Acceptance pulls payment through borrows' debit cards the day after they're paid, whether that's weekly, bi-weekly, or monthly. Ride Today Acceptance also reports payments through the credit bureaus to help improve its customers' credit scores. "We're giving them the opportunity to drive the want, instead of the necessity of a car. They want that Can-Am to go out on the weekends; it's $75-$100 per week. Everybody else has said no. We show them how they can do it as well as rebuild their credit, but not do it in a way that they're paying $450-$500 a month and putting themselves in a bad posi- tion," Snyder explained. Loan terms run anywhere from 12 to 60 months, though most customers fall into the California-based Aegis Powersports announced that its full suite of pow- ersports F&I products is available to powersports dealers in Arizona. Aegis Powersports offers products through its award-winning AegisTech platform that touts industry-leading ease-of-use, cou- pled with online claims authorization and integration with CDK Lightspeed for both EVO and NXT configurations. Since launching in California in 2014, Aegis Powersports has quickly grown its powersports F&I service contract provider business across the state and expanded into Ohio and Oregon in 2015. Texas and Arizona came on board during the first half of 2016. With a team of sales, service and claims professionals that all have deep roots in the powersports industry, Arizona dealers now have access to a true F&I partner. Aegis Powersports' award-winning prod- uct lineup includes vehicle service contracts for new and used units with trip interrup- tion, roadside assistance, rental car coverage and $0 deductible plans. In addition, Aegis Powersports offers road hazard protection, priority maintenance, an oil and filter plan, gap, etch, GPS tracking, theft deterrent and appearance protection. To ensure all cus- tomers are served, Aegis includes a 0 percent interest payment plan with all products available via the company's online system. All products are available seven days a week, especially during busy evenings, weekends and holidays on Aegis' proprietary and award-winning AegisTech platform. "The demand for our products, service and professional F&I support has been incredible, and we are happy that we can expand into new states in response to requests for our service so quickly," said Robert Large, senior vice president of Prod- ucts and Marketing for Aegis Powersports. "Since our launch, our entire team has focused on being the best F&I partner that a powersports dealer can have, and we look forward to bringing that focus to powersport dealers in Arizona." Arizona dealers interested in more information about Aegis Powersports and their product offerings can contact Aegis Powersports at 800/572-5099 or dyorba@aegispowersports.com. KAR AUCTION SERVICES PROMOTES LEADER TO HEAD AFC Indiana-based KAR Auction Services, Inc. (NYSE: KAR), a leading end-to-end vehicle remarketing services provider, announced the promotion of Jim Money to president of Automotive Finance Corporation (AFC), a subsidiary of KAR. Money, who most recently served as chief financial officer of AFC, will report directly to Don Gottwald, KAR chief operating officer. "During his nearly 17 years with the company, Jim has developed a deep under- standing of all aspects of this business and a strong commitment to this industry," said Gottwald. "He is an accomplished profes- sional who is well-respected by employees, customers and business partners, and we have tremendous confidence in his ability to successfully lead AFC." Money's promotion comes as part of a long-standing and well-executed succession plan. John Hammer, who most recently served as AFC CEO and president, is leaving the company for professional and personal reasons. PSB DIGEST RIDE TODAY CONTINUED FROM PAGE 16 See Ride Today, Page 19 Aegis Powersports now in Arizona