Irving, Texas (PRWEB) August 3, 2009
myAutoloan.com, an online auto finance company, is launching its newest innovative product expansion to their marketplace lending platform to include, direct-to-indirect lending. This expanded lending product enhances the company’s marketplace lending platform leveraging its patent pending Preferred Placement℠ technology. Preferred Placement℠ matches consumers to direct lenders through a sophisticated scoring process resulting in a high approval rate and funded loans.
The marketplace lending platform that now includes, ‘Direct-to-Indirect’ leverages current economic conditions, and provides an innovative hybrid model that matches consumers to indirect lenders. This process utilizes established technologies and processes but allows for the addition of indirect lenders and their dealer networks. Typically direct lending customers receive a check-in-hand and can shop with any franchised dealer they choose. The expanded platform will match indirect approved customers, as well as, matched to the approving lender’s dealer network to close the loan.
Online customers will continue to benefit from the additional lenders available to approve and fund their auto loan. Lenders benefit from the additional quality customer base that myAutoloan.com presents, translateing into additional funded loans. Dealerships will benefit from the additional finance approved customer traffic directed to their businesses, thereby selling more cars.
The demand for both direct and indirect online auto financing has jumped significantly during the first six months of 2009. Finance applications for the purchase of new and used cars, as well as refinance loans, has risen sharply due much in part to the increase demand for the auto loan financing that diminished due to lending institution restrictions or exits from the auto lending marketplace.
These channels left consumers without options, and consequently, consumers have begun to apply online in search of alternative financing. They eagerly expanded their options searching for alternative financing solutions. This resulted in a large increase of auto loan application volume.
“We are absolutely delighted to be in a position to launch this latest marketplace platform lending product, and we’re confident it will delight our customers, lenders, and their dealers,” said Gregory Thibodeau, CEO of myAutoloan.com “Challenging markets lead the way for new product opportunities, and the direct-to indirect expansion, as presented by myAutoloan.com, is innovative and in strong demand.”
We believe that this continues to signal that demand for direct to consumer lending for the purchase of new and used autos, and that auto refinance loans are much bigger than the supply of financing. We experienced the same strong demand in the first quarter as we see lenders tighten credit and leave the direct market because of a lack of available ABS securitization.”
Thibodeau also stated that, “As we monitor the month to month activity, the strength of the demand that we see from our marketplace lending platform shows that customers continue to search for a less hostile lending alternatives. This is because of the overly cautious parameters that lenders are using to evaluate financing applicants.
