LendingTree to Launch Powersports Loan Platform
LendingTree, an online marketplace for loans, will introduce functionality for powersports lenders in the near future, said Rick Finch, senior vice president and general manager of LendingTree Autos.
“We are building solutions and strategic partnerships that better enable us to serve credit unions on our network,” Finch told Auto Finance News, noting that credit unions play an important part in powersports financing. During a first-quarter earnings call last week, LendingTree announced plans to add functionality to its auto loan category in the next 30 to 60 days. “We are also focused on building out solutions that include automotive dealers as a part of our ecosystem,” Finch said.
LendingTree plans to increase its marketing spend in the automotive segment, as lenders have expressed interest in boosting origination volumes on the platform. LendingTree reported 22% year-over-year auto loan growth in the first quarter.
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