Finio Launches Credit Aggregation Platform for Powersports Industry

Finio has launched a credit aggregation platform for leisure marine, powersports, motorcycle, recreational vehicle (RV), truck and other industries.

The platform aims to simplify and accelerate the financing process between dealerships, manufacturers, lenders and customers, improving the digital sales and finance experience, the company said in a Thursday (July 20) press release.

“As credit discovery continues to move up in the purchase funnel, Finio enables a seamless online finance approval wherever customers shop,” Finio CEO Andy Hinrichs said in the release. “Finio is the natural extension of the dealership’s F&I office into the digital realm.”

The Finio platform’s credit discovery experience enables customers to access firm offers of credit, according to the press release.

It allows dealerships to customize their roster of lending partners, markup requirements and business rules, the release said. The platform also provides desking solutions, F&I menus and paperless eContracting to digitize transactions from start to finish.

“Finio saves costs and adds security,” Finio Chief Operating Officer Nick Stellman said in the release. “In industries where disparate systems and manual data entry are still the norm, Finio’s digital finance hub catapults the F&I process to a whole new level.”

Financing is becoming a key growth strategy component for retailers, and the success of financing programs should be measured as diligently as inventory, Versatile Credit President and Chief Operating Officer Vicki Turjan told PYMNTS in an interview posted in May.

“Consumers across the board are applying for financing, and merchants are leveraging financing as a part of their sales strategy,” Turjan said at the time. “They understand that offering great promotional financing options brings customers in the doors and helps drive interest. These promotions are just as effective as sales and discounts.”

In other recent news in the RV space, U.S. Bank and customer engagement technology provider Rollick said on July 12 that they have partnered and launched a marketplace for RVs and boats.

The new U.S. Bank RV and Boat Marketplace offers customers a new buying experience for these vehicles on the bank’s website. It will soon be available on the bank’s mobile app too. The marketplace offers the ability to search dealer inventories and apply for financing at participating dealerships across the country.