Canada Drives, a digital auto loan platform based in Vancouver, is on track to reach its revenue goal of about $100 million for the full-year 2017, Founder and co-Chief Executive Cody Green told Auto Finance News.
The platform, which launched in 2010, helps consumers gain access to various products including auto financing, personal loans, and credit-building solutions through the company’s online application. Last year, the company reported more than $50 million in revenue.
“We’ve been amazed by the response so far from Canadians,” Green said. “As an example, [in August] over 60,000 Canadians applied for loans through us.”
Within 24 hours of applying, customers are contacted by a dealership Canada Drives identifies as the best fit for their profile to discuss finance options and vehicle preferences. Therefore, the company works with various banks, credit unions, and independent financial institutions through its network of more than 350 dealer partners.
The platform’s growth is — in part — attributable to its strong focus on marketing. “We spend tens of millions of dollars on advertising every year,” Green said. “The data we collect allows us to be very efficient and effective in finding customers. This also lets us create highly customizable packages, even for smaller market dealerships. Even in a non-major market, a dealership can get 100 customers from their backyard which can have a real impact on their stores’ performance.”
In addition to auto loans, Canada Drives offers various products including personal loans, credit cards, and credit-building solutions for those who may not be able to qualify for a traditional auto loan, Green said. “While we’re popular with consumers with credit issues, really that’s a by-product of our ability to help all consumers with their vehicle financing options,” he added.
Canada Drives has over 350 employees, all located in Vancouver. “We expect to be double our staff in the next two years in Vancouver,” he added.
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