Nearing its one-year anniversary since launching a dedicated powersports platform, online loan marketplace LendingTree is gearing up for growth of its powersports lender network, said Dimitar Alexandrov, vice president of product management.
“It’s a small segment relative to our other platforms, including auto, but it’s a growing segment with lots of potential,” Alexandrov told Powersports Finance. “Since LendingTree is built for consumers looking for the best financing deal and financing that fits their budget, lenders are joining our network to offer their vehicle loan options, including powersport loans, to compete for this business.”
LendingTree’s powersports platform, which was introduced in December 2015, allows powersports lenders to find potential borrowers through an online application form. The tool initially debuted for finance providers of motorcycles, marine vehicles, and RVs.
Since the launch, LendingTree has slowly built out its platform, and in February 2016, opened it to all powersports vehicle segments, Alexandrov said. The platform now includes financing comparisons for new and used personal watercraft, ATVs, UTVs, side-by-sides, and snowmobiles.
While Alexandrov declined to specify how many powersports lenders are using its platform, he anticipates the lender network to increase by a double-digit percentage. “More is certainly better, but we also care about quality and review each lender first before we allow them on the network,” Alexandrov said. “Customers must also be able to trust the lenders we onboard and know they will have a positive experience.”
To that end, the company looks to build consumer awareness in 2017, in an effort to further scale the business, he added. “Luckily for us, as more customers use our platform, more lenders will want to be part of the marketplace.” Additionally, as LendingTree’s lender network builds, the company’s long-term goal includes adding powersports refinancing functionality into the platform, Alexandrov added.
Separately, LendingTree’s Alexandrov took over managing the auto and powersports platforms in July 2016, replacing Rick Finch, former senior vice president and general manager. Finch has since shifted positions to SVP of sales operations and revenue.
LendingTree has about 300 employees. The online marketplace provides consumers with access to product offerings from over 400 active lenders, including mortgage loans, home equity, reverse mortgage, auto loans, credit cards, personal loans, student loans, and small business loans.