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Technology Sponsored by Technology Major Harley-Davidson lessor selects Cloud Lending’s software as CL Lease goes global Published: 11th March 2016 Share Cloud Lending Solutions is rolling out CL Lease, its cloud-based, end-to-end lending platform, following some highly successful implementations in the leasing industry. Snehal Fulzele, (pictured above) the company’s CEO explained: “CL Lease is the first and only end-to-end leasing solution on the Force.com platform. It allows lessors to have a fully integrated leasing system that shortens time-on-market on product offerings, enables lower operating costs and provides a superior borrower experience.” He added: The leasing industry is growing at a rapid pace and traditional lessors have not been able to keep up with demand. We are the next generation technology platform that the leasing industry has been waiting for. “CL Lease allows lessors to stay nimble and offer a comprehensive view into their business operations and systems.” One lessor that has implemented CL Lease is Chrome Capital the Florida-based motorcycle leasing specialist. Chrome Capital was established in 2011 with the specific aim of providing an innovative motorcycle leasing product, TestRide, for riders who were unwilling (or unable) to pay out sums ranging from $20,000 to $30,000 to acquire new Harley-Davidson bikes. It was founded by Peter Wasmer, president and CEO, who brought with him a career background in equipment finance. He told Asset Finance International: “I learnt early on how to deal with residual values (RV),” he said, “and never to “chase” them. With Harley-Davidsons (HD) their RVs are steady and predictable. I decided to specialize in leasing pre-owned HDs and new Indian and Victory bikes – for the latter two models I obtained an exclusive arrangement with Polaris.” Wasmer confirmed that TestRide helps put more riders on more motorcycles, bring those riders back to the dealership at the end of the lease term, and provide superior customer service to both the dealerships and the leasing customer. Chrome Capital’s average leasing balance is $15,000 and terms vary from two to three years. Wasmer added: “With 750 dealerships across 42 states processing tens of thousands of lease applications annually, we need a software system that enables us to service our customers at the speed of their ride. With CL Lease we will be afforded unprecedented visibility into our lease lifecycle which will give us greater insights into our business and allow us to adapt quickly to market changes.” Chrome Capital’s TestRide enjoyed 40% dealer utilization in February 2016 and since 2013 volumes have doubled each year. Wasmer predicts that it will double yet again in 2016. He said that Chrome Capital’s initial servicing system “was fairly simple” and meeting with Cloud Lending Solutions was “a timely discovery for us”. “The Cloud Lending team was very effective,” he said, “and it was a pleasure to work with them. Snehal Fulzele’s team was completely focused on delivering on time and in a format we could readily use.” Fulzele explained: “CL Lease provides lessors with a 360-degree view of the customer with four key benefits. Firstly it allows better customer experience. Lessors can easily originate and record contracts, set up payment schedules and other monthly charges. This leads to faster and more consistent application approvals. Secondly, it permits easy contract changes. Fully automated billing, payments and application of fees give lessors the flexibility to easily recalculate changes based on contract modifications. Thirdly, realization of RVs. Lessors can track and manage assets throughout the life cycle of the lease as well as after contract maturity. Fourthly, it minimizes delinquencies and improves collections. It proactively works with delinquent accounts to minimize collection risks. Fulzele added: “Existing finance and leasing systems are disparate and incompatible with other business systems, making it impossible to have complete visibility into equipment status or the entire lease lifecycle, while adding greater complexity to the business process. “CL Lease’s comprehensive, end-to-end solution provides a single system of record that automates the lifecycle of a lease. CL Lease is specifically designed for lessors and delivers a less costly alternative to legacy technology or manual processes, and offers the security and compliance capabilities of the Salesforce cloud platform.” Cloud Lending Solutions is available to customers worldwide and currently has offices in London and Bangalore. Half of its customers are outside of the United States. http://cloudlendinginc.com/ Asset Finance Connect Asset Finance Connect brings you news and updates about UK and European auto, equipment and asset finance providers. Sign up to our newsletter Featured Stories TechnologyAI took the wheel: Inside my first autonomous car experience TechnologySouthState Bank scales equipment finance division with LTi’s ASPIRE platform TechnologyKay Saunders named head of client experience at FleetCheck