LendingTree, an online marketplace for loans, will introduce functionality for powersports lenders in the near future, Rick Finch, senior vice president and general manager of LendingTree Autos, told Auto Finance News.
“We are building solutions and strategic partnerships that better enable us to serve credit unions on our network,” Finch said, noting that credit unions play an important part in powersports financing.
During a first-quarter earnings call last week, LendingTree announced plans to add functionality to its auto loan category in the next 30 to 60 days. “We are also focused on building out solutions that include automotive dealers as a part of our ecosystem,” Finch said.
LendingTree plans to increase its marketing spend in the automotive segment, as lenders have expressed interest in boosting origination volumes on the platform. LendingTree reported 22% year-over-year auto loan growth in the first quarter.