Blinker, a used-car buy-sell app with financing capabilities for private-party transactions, is on the lookout for financing partnerships to help scale the business and bolster loan originations, President Danny Martinez told Auto Finance News.
“We have our own proprietary decisioning system, and we have the equity, as well as credit facility, to be able to fully support — from a balance sheet perspective — our current origination activity,” Martinez said.
Blinker, which launched in March 2016 and currently operates only in Colorado, is optimistic the business will scale and transactions through the app will increase.
“We are evaluating lender networks that we can absolutely tap into to support our originations,” he added. To date, the app has been downloaded by 50,000 users, with 50 loan transactions completed, Martinez said.
Blinker finances consumers with Fico scores as low as 560, and loan terms ranging from 24 to 72 months.
The Denver-based company added a refinancing component in December, and plans to expand its footprint into other states this year. “We are prioritizing rolling out in California, Texas, and Florida, to start,” Martinez said.
In the meantime, consumers can use the app nationwide to snap a photo and instantly learn the year, make, model, equipment, estimated value, and mileage of any car on the road.
