Speed Leasing is aiming to originate 5,000 leases by yearend 2020, Chief Sales Officer Frank Dionisi told Powersports Finance.
The lessor first began originating in 2017 and has financed 7,000 leases to date.
“As far as volume, 2018 was huge, and 2019’s been better than that,” Dionisi said. “But I think that if we can expand our states, we can be more aggressive with certain parts of our program and grow our dealer network, so I think that 5,000 leases are achievable.”
Speed Leasing is taking a measured approach to growing its business, planning to increase its geographic territories to 30 states from 21 states. Additionally, the Dania Beach, Fla.-based lessor is aiming to expand its dealer network to 600 by yearend 2020, adding 100 dealers.
The company also plans to utilize the “substantial” amount of data it has received from the loans it has originated so far, Dionisi added. The data allows Speed Leasing to identify borrower trends and target programs to specific consumers.
“We look for trends, obviously bad trends for slow- or no-pay, but we also look for good trends in those same people through secondary credit reports,” Dionisi said. “Even though their credit score may not seem like it, they actually pay us well. So, we can be more aggressive with certain profiles.”
This article was originally published by PowerSports Finance.