Atlanta-based Community & Southern Bank plans to increase its indirect auto lending business 60% in 2015. “We are selectively targeting to increase our franchise dealer base by adding 100 new dealers in 2015 in Georgia, Alabama, South Carolina, and Florida,” John Redmond, CSB’s executive vice president and consumer finance group director, told Auto Finance News. “As we continue striving to expand our dealer base, we anticipate that our growth will come in the second half of 2015. Overall, we are optimistic of what the future holds.”
Community & Southern Bank is seeing increased demand for indirect lending on both new and used vehicles. About 70% of CSB’s indirect loans are originated to prime and super-prime customers, and the remaining 30% are near-prime. The bank, which operates in five states, provides same-day funding for about 95% of its lending transactions, Redmond said. It also offers indirect lending for recreational vehicles and direct loans for marine vehicles.