- Posted by jrafeedie
- On June 15, 2016
Alternative data “is definitely not being utilized as much as it should be” in powersports lending, according to Ryan Keefe, director of marketing at National Powersport Auctions.
The powersports space is “much more dynamic,” he toldPowersports Finance. Lenders have their own “unique formulas to determine credit risk” because they don’t use a standard forecasting or budgeting model.
FactorTrust, the alternative credit bureau, is striving to jump into the powersports space and bring more awareness of the many uses of alternative data in lending practices. The company is in the testing phase and conducting data studies with three powersports lenders.
Alternative data can help mitigate risk in credit decisions and make the buying process “as painless as possible,” Scott Brackin, FactorTrust’s vice president of auto finance, told Powersports Finance.
Read the full article.