NAPLES, Fla. - Under a new leaseback program launched by a Florida-based financing company, Harley-Davidson owners can get quick cash by selling their bikes, and then leasing them back for a preset period of time.
Under the the Cash & Ride program, Harley-Davidson dealers would facilitate the agreement between the customer and Naples, Fla.-based Chrome Capital, which would purchase the bike. The customer then leases it back using one of the company’s 24- or 36-month leases and rides away. At the end of the lease, the customer can either return the bike to the dealership, get another bike at the store, or buy back the original bike.
Chrome Capital’s CEO, Peter Wasmer, said the program not only puts cash in the customer’s pockets, it helps create customer retention by having the customer return to the dealership. Wasmer adds that the rider will also have cash on hand that he or she can use while still at the dealership.
Dealers can also earn participation fees for arranging the Cash & Ride transaction.
The leaseback program taps into Chrome’s TestRide leasing option, which runs on 24-, 36- and 48-month terms. This setup helps deliver control of the customer relationship, much like a car dealer benefits from repeat sales and “predictable customer retention,” Chrome Capital said.
“With Chrome’s products, dealers see a higher degree of transactional volume on an annual basis, and can rely on the predictability of the lease to drive future, additive sales,” said Stephen Swain, Chrome’s CFO.
Posted by Dennis Johnson