Western Independent Bankers (WIB), a community bank trade association, has expanded its partnership with LendKey to provide online auto lending solutions to community banks, LendKey announced today in a press release.
The move highlights LendKey’s push to be the leading alternative lender in auto finance.
The expanded partnership will allow community banks in 13 states to use LendKey’s online auto lending platform. The company had previously secured another exclusive partnership with WIB — that time to provide student lending solutions to community banks in the western U.S. The year-long partnership with LendKey proved successful, as the company “seamlessly” launched and managed online lending programs for WIB’s member banks, according to Betty House, WIB’s senior vice president of product development and CTO.
“We’re expanding our relationship not only because of LendKey’s industry-leading technology,” said House in the release, “but also for the marketing and customer service channels they provide to lenders. It’s really a full-scale, end-to-end solution.” WIB will provide marketing tools for the new auto-lending platform and will endorse the program to its member community banks.
Just two months ago, LendKey announced a partnership with TrueCar, launching an integrated auto-buying and lending platform, which provides consumers with information on auto loan before their trip to the dealership. LendKey has $23.7 million in total funding, according to Crunchbase.
More details on the Auto Finance Risk & Compliance Summit, May 18-19 in San Diego, can be found at www.afrcs.com.
