LendingArch announced the launch of its specialized consultancy division, working directly with car dealerships to establish subprime financing divisions.
The new division will aid in diversifying the profitability of car dealerships that currently focus on solely prime customers.
“A difficult economy means more subprime credit scores and larger debt loads for Canadian consumers,” said Paul Hadzoglou, president of LendingArch. “However, Canadians still need vehicles, and many existing dealerships do not have established subprime divisions. Our new consultancy department will mean more Canadians will be able to obtain vehicles, regardless of their credit score.”
LendingArch’s network of banks, lenders and car dealerships throughout the country will benefit from the development of the new division. Through its expertise, LendingArch will be advising dealerships on how best to work with subprime lenders, obtain subprime clients, and train sales people in the handling of a subprime auto loan application.
In addition to the new consultancy department, LendingArch will remain focused on increasing its technology base and expanding its services to all B2B partners, providing top in class processes and services.