Global Lending Services to Venture Into Direct Lending

Global Lending Services is looking to build out a direct-to-consumer business, Auto Finance News has learned.

“We are beginning to explore direct-to-consumer opportunities in the areas of direct-to-indirect, direct purchase, and refinance,” Chief Executive Steve Thibodeau wrote to AFN in an email. “We will be exploring opportunities to partner with other lenders and players in the space, as well as looking at direct marketing efforts.”

The subprime lender is looking for a senior manager of direct lending, a role that is responsible for “expanding GLS’ auto finance expertise beyond the scope of the typical indirect channels into direct-to-indirect fulfillment, preapproval, refinance, [and] direct-to-consumer,” according to Thibodeau’s April 19 LinkedIn post. Scouting “fintech-inspired alternative channel opportunities” will be another duty of the position, according to the post.

The move into the direct lending space is part of GLS’ overall goal to offer consumers financing options throughout the purchase process, “particularly as more of the process moves online,” Thibodeau said.

The new direct lending expert will report to Thomas Hancock, senior vice president of originations analytics.

Also Read: Global Lending Services Doubles Originations for Second Straight Year

In addition to launching the direct lending business, GLS anticipates its indirect business to continue to expand. “We continue to sign new dealers and are focused on growing our dealer business, expecting to originate an additional $1.8 billion in 2019,” he said. GLS doubled its originations in 2018 to $1.1 billion, up from $558 million in 2017.

For more content like this, check out our upcoming event Auto Finance Accelerate, May 13-16 at the Omni San Diego. Visit www.AutoFinanceAccelerate.com to register.