RateGenius, an auto refinancing platform, expects to see at least 35% — or as much as 50% — growth in its business in the next 12 months due to an increase in demand, Scott Markland, vice president of marketing and business development, told Auto Finance News.
“What we’ve seen since the 2007, 2008 crisis is that more customers are aware they can refinance their vehicles,” he said, adding that consumers are more likely to trust credit unions over banks than they were before the crisis.
RateGenius works with about 180 lenders — mostly credit unions. Since its founding, the company has refinanced more than 334,000 loans through its lender partners and volume has sped to more than 4,000 refinance deals a month.
“We’ve grown a robust, almost tapestry of credit unions across the nation,” Markland said.
RateGenius has also onboarded a mix of large banks and credit unions in the past six months — with a “significant appetite” for auto refinance loans — which the company will announce within a few weeks.
For more content like this, check out the 17th annual Auto Finance Summit, which will take place on Oct. 25-27 at the Wynn Las Vegas. To learn more about this year’s event — or to register — visit the Summit’s homepage here.