Online platform CarFinance.com is developing a lender advisory council to onboard more financial institutions across the credit spectrum, recently appointed Chief Technology Officer, Doug Nottage, told Auto Finance News.
Nottage was brought on to CarFinance.com earlier this month and came up with the idea of the council just a week into his new role. “We work closely with dealers, so why not bring the lenders deeper into the equation,” he said. “Let’s get [the lenders] engaged.”
Though Nottage declined to disclose which lenders are on the shortlist, there will be names that the industry recognizes, he said. “CarFinance.com is an innovative company, but we need to stay up to speed,” he said.
To that end, the platform is looking to have lenders across the spectrum in terms of size, what tiers and tranches they buy from, and which lenders represent those different credit areas well.
The lender advisory board is another move towards CarFinance.com’s goal of spinning out from its parent company, Flagship Credit Acceptance, to become fully independent in the near future, newly appointed CarFinance.com Chief Executive Craig Hewitt previously told AFN.
