LendingTree is strengthening marketing efforts to promote its powersports finance platform, Marketing Manager Mike Ouyang told Powersports Finance.
LendingTree launched a dedicated powersports platform in December 2015, which allows borrowers to compare rates and terms from multiple lenders. Since the launch, LendingTree has slowly built out its platform, and in February 2016, opened it to all powersports vehicle segments.
“Powersports is a niche market; but like the auto market, customers often start online research and are often narrowing down their options before even going to a showroom,” Ouyang explained. Currently, LendingTree offers motorcycle, marine, and RV loans with amounts ranging from $1,000 to $100,000.
“We are focusing our marketing efforts to be where consumers are in the digital space and hopefully, show them that there is a better way to finance,” Ouyang said. For example, the company has a motorcycle loan calculator that helps borrowers figure out their potential monthly payment by asking them to input their preferred loan amount, interest rate, and loan term information.
While Ouyang declined to offer the number of powersports lenders the company works with, he emphasized that LendingTree’s network “together provide national coverage.”
In the remainder of 2017, LendingTree will be working on a few “consumer experience updates” to create “a cleaner feel” for users and easier comparison shopping. “We are looking at sustaining the reliability of our leads infrastructure as we add more partners and grow the business,” he said.