CarFinance.com is creating a new platform for their lending partners to “build their own” platforms on their site. This was announced by CarFinance.com’s Chief Executive, Craig Hewitt.
The new offering from CarFinance.com will allow its lender partners to pick and choose the financial products they offer through the portal, Hewitt said.
“We’re designed to be the consumer landing page where you come to CarFinance.com and you [consumers] may be looking for refinancing, dealer purchase, private party, lease buyout, cash out refi, or commercial financing,” Hewitt said. “We are built to give a lending partner that kind of modularity. … [As a lender] I may not want to participate in all six of those transaction types, but I might say I want to participate in a select three.”
CarFinance.com is preparing to split from its parent company, Flagship Credit Acceptance, to become an independent company, AFN reported last week. Flagship and CarFinance combined to originate $264.1 million last quarter. About $30 million of loans are now being originated quarterly on CarFinance.com.
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