Global Lending Services is on pace to grow origination volume 50% year over year, to $1.7 billion, Chief Executive Steve Thibodeau told Auto Finance News. By the end of 2020, Thibodeau expects GLS to originate $2.2 billion of auto loans.
GLS has doubled origination volume for the past two years, to $560 million in 2017 and to $1.1 billion last year. The hike in originations has spurred GLS’s portfolio to grow 56% to $2.5 billion, from $1.6 billion in 2018.
Meanwhile, the Greenville, S.C.-based auto lender has grown its staff by 50% over the past year, to nearly 750 employees, Thibodeau said, investing talent in all areas across sales, operations, finance, risk, and IT. He anticipates breaking through the 1,000-employee mark before the end of 2020.
GLS is slated to begin testing a direct lending platform next week and, “if all goes well,” the subprime lender would begin to roll out the product nationally by February or March, Thibodeau added.
For more content like this, join us at the upcoming Auto Finance Accelerate event, March 9-11 at the Omni San Diego. Combining three crucial topics in auto lending and leasing, Auto Finance Accelerate dives into the strategies and knowledge needed to enhance your company’s auto finance sales, marketing, and innovation. Register before Friday, January 31st to save with early registration rates. Visit www.AutoFinanceAccelerate.com to learn more.