CarZing is looking to increase southern California loan volume in the next three to four months before expanding its presence outside the state, President Jay Kamdar told Auto Finance News. CarZing, an online marketplace that connects dealers with consumers and lenders, is owned by Hankey Group, which also owns Westlake Financial Services. “Westlake and CarZing have a joint venture where the customer can go online and purchase the vehicle and get financing right then and there,” Westlake President Ian Anderson told AFN.
Currently, CarZing is closing 100 loans per month in southern California, compared with 10 to 20 loans per month when the company first began measuring metrics three months ago. “Our goal in the next three to four months is to get about 500 loans a month — that would be a good target in southern California,” Kamdar said. “And once we do that, we’ll start expanding into other regions geographically, specifically Florida, followed by Texas,” he added.
CarZing works with 4,000 dealerships nationwide and aims to reach its volume target by enhancing dealer websites with a component that allows for financing transparency. The company also plans to bolster its direct-to-consumer marketing approach with radio ads, billboards, backlinks, and Facebook.
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