BMO Harris Bank is eyeing new opportunities – and states – to further grow its indirect auto business, Head of U.S. Indirect Lending Craig Harter told Auto Finance News. Last quarter, BMO Harris entered North Carolina and Maryland; the bank added Texas to its footprint in the second quarter of 2018.
Additionally, the lender made operational adjustments in its Florida and Arizona markets. “We’ve changed our staffing and expanded our opportunities there in terms of growth,” Harter said, noting that in the past, the bank serviced those markets with inside sales reps. “We now have a full-time rep in each state, which has led to significant growth in both markets,” he said. Sales reps have been added to each of the lender’s newer states, as well.
Growing the indirect auto portfolio has been a top-of-mind initiative for Harter ever since the bank decided to reenter markets it had exited several years prior. In December 2018, the bank made its foray into the digital space as it started accepting auto loan applications online thanks to a partnership with AutoGravity. “At this point, we’re still growing and trying to get it up and moving on our part,” Harter said, noting that the bulk of the applications are coming in from the West Coast with business from the Midwest starting to gain traction.
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