The founders of Chrome Capital, who pioneered the concept of leasing pre-owned Harley-Davidson’s to hundreds of dealers across the United States, have started a new company, Fuel Capital Group, backed with an initial $100M fund to support the leases from their Dealer Partners.
Peter Wasmer, president and chief executive officer and Stephen Swain, chief financial officer, formed Fuel Capital Group earlier this year with a private investment firm.
“We love this business, particularly the many dealer partners with whom we have been privileged to establish transparent candid relationships over the years. Witnessing dealers across the country employ our program to generate meaningful incremental sales demonstrates the power of Fuel’s innovative leasing program,” Wasmer said. “At the core of Fuel Capital’s strategy is a proprietary technology platform that provides dealers with near immediate approvals, 100 percent paperless DocuSign contracting and 48 hour funding commitment.”
Brad Van Horn of Buy Your Motorcycle in Arlington, TX attested, “We submitted an application to Fuel for a customer at noon on Tuesday, DocuSigned the contracts within minutes, received funding approval by 4 p.m. that afternoon and had payment in our account Wednesday.”
Wasmer added, “Brad’s team operates exceedingly well. We just let our exacting automated processes flow. We have a standing 48-hour funding commitment. Sometimes, it can go faster. No paper. No overnighting. 100 percent digital. It’s just simpler.”
The new Fuel Capital Lease Operating System delivers impressive low or no down payments and lower monthly payments than the original Chrome Capital program, a platform many Dealer Partners enjoyed. Wasmer and Swain continue to eliminate friction from the dealer’s sales process, which “puts more riders on more Harley-Davidsons.”
During its soft launch in August, the company has already re-established relationships with more than 30 independent dealers. Fuel is already in FL, TX, NC, SC, GA, IN, OH, MO, AZ and NV, and is partnering with dealers daily to offer the Fuel Capital lease program. New states are being added weekly.
“We are committed to our Dealer Partners. After seeing it in action, they are actively promoting the upsides of Fuel Capital’s authentic leasing program,” Wasmer said. “Riders are shrewd. Dealers recognize that a short-term, unlimited mile lease is smarter than a long-term loan or long term lease. And dealers want a leasing partner that understands the critical importance of generating satisfied, repeat customers to their burgeoning business.”
Link: Fuel Capital Group