Auto finance is on the rise at Canadian Title Loan Corp. Jeffrey Newhouse, chief financial officer of Toronto-based CTL, told Auto Finance News that the company plans to fund $250 million in auto loans in the next two to three years.
Since its start in 2010, CTL has funded $100 million in vehicle loans. The company’s lending focus is geared toward near-prime and what it calls “non-traditional” customers that have credit challenges or lack established credit.
“Our focus is to grow our marketshare in Canada,” Newhouse said. “Our growth is attributed to an increasing number of dealers that are using our services.” In 2012, the company started an aggressive plan to expand its lending footprint into all 10 Canadian provinces, a goal it achieved at yearend 2014. In February, CTL celebrated its fifth anniversary.
