USA Drives, the U.S. division of auto loan platform Canada Drives, is already seeing a quick consumer and dealer adoption rate one month after launching, founder and co-Chief Executive Cody Green told Auto Finance News.
Vancouver-based Canada Drives launched in 2010 and works with dealer partners’ existing lenders to secure indirect financing or personal loans for the vehicle they want through its online application.
The success of Canada Drives prompted the debut of USA Drives, which is currently in a soft launch, Green said.
“The expansion into the U.S. is a large undertaking, especially as we grow out our dealer network and find additional products that can benefit our customers,” he said.
While numbers on USA Drives success so far are not available, Canada Drives has more than 350 dealer partners, and more than 60,000 Canadians have applied for loans through the platform, Green said. Canada Drives is on track to facilitate up to $1 billion in auto loan financing by yearend.
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