LendingArch Receives Multiple Awards - The First Choice for Auto Dealers when Looking for Auto Loan Leads
CALGARY, AB, Oct. 12, 2021 /CNW/ - Online Fintech Platform, LendingArch, was recently named the Fastest Growing Company in Alberta for 2021 by The Globe and Mail and Report on Business TV, which also ranked the Fintech Platform the 15th fastest growing company in Canada when compared across the Nation.
LendingArch was established in 2015, when its founders saw a gap in the market and a need for a more digital approach to online loan applications. Since 2015, LendingArch has experienced triple digit growth in its sales, revenues, and market presence, leading to the ranking of Alberta's #1 Fastest Growing Company for 2021. In particular and one of the major reasons for LendingArch' s incredible rise, is LendingArch's Auto Loan leads division which provides real time leads to car dealerships across the country from consumers that visit the LendingArch platform and fill out the LendingArch Auto Loan application.
Farhad Nabian is the head of LendingArch's Auto Loan Division and manages its Auto Loan Operations across Canada. "We have seen increased stability and growth within our Car Loan leads division, which historically and when compared to our competitors, is usually a highly volatile division for all lead providers, given the cyclical nature of the auto loan industry, and consumer trends when searching for a vehicle. In addition, dealerships are usually working with one or more lead provider for car loans, however we have seen a complete shift in dealer behavior when it comes to our leads, as over 75% of all the dealerships we work with solely purchase leads from our platform, and no other competitor. We see this as a reflection of our superior customer service to all our dealer partners and our focused and consistent advertising approach when appealing to consumers nationwide looking for a car loan, new vehicle, or trade in. We currently provide over 15,000 leads to dealerships nationwide every single month and are steadily growing that number year over year". Says Farhad.
Car dealerships are reporting 8%, 9%, even as high as 12% + conversion rates on LendingArch's leads, with some dealerships posting above 20% conversions based on the experience of their sales department and their respective location in Canada. These numbers are helping LendingArch's dealerships flourish in this environment, even as inventory tightens up, LendingArch is seeing a steady increase in the request for Auto Loan Leads.
LendingArch's Platform is simple. A consumer visits the platform (for free) and applies for a no-obligation, pre-approval for an Auto Loan. Once that consumer is notified (usually within minutes) that they are pre-approved, they are then matched with the best dealership to fit their needs and requirements. Applicants are finding themselves into a new or used vehicle usually within days of applying with LendingArch. This process eliminates the headache of shopping around to multiple dealerships and eliminates the issue of finding a car that they like, only to then find out that they cannot get approved for financing for the vehicle.
LendingArch has always iterated that Canada has a lack of options to allow for consumers to apply for Loans through a digital process without having to step foot in a bank, lender or brick and mortar storefront. By utilizing the LendingArch platform, consumers don't need to go through the time, effort and headaches caused by getting rejected for financing "after the fact", which for many consumers is a disheartening and discouraging way to approach the car buying process. LendingArch eliminates that negative experience and makes sure that the consumer is qualified for an auto loan before that consumer starts looking for a vehicle, a much happier and more positive process for the buyer.
LendingArch has proven its ability to provide loans to online applicants since 2015 having helped over 500,000 Canadians through its online platform and continues to work on many new initiatives that they have within their extensive development department.
About LendingArch
Established in 2015, LendingArch is one of North America's fastest growing loan comparison platforms, that allows borrowers to compare rates from multiple lenders, comparing credit card rates, car loans, personal loans, small business loans and even credit rebuilding services. LendingArch's platform is free to use for consumers Nationwide. Anyone can apply for a loan through LendingArch, at no cost to themselves.
LendingArch currently services over 500,000 Canadians and over 20,000 new Canadians sign up for LendingArch's services every month. LendingArch was recently named Alberta's Fastest Growing Company, and Canada's 15th fastest growing company by Report on Business TV and the Globe and Mail for 2021 and Canada's 4th Fastest Growing Company by Maclean's Magazine and the Canadian Business Journal in 2020.
LendingArch is owned by Consumer Genius Inc. which is also the parent company to many of North America's fastest growing online comparison platforms. Consumer Genius operates in Canada, the United States and Australia in the financial and non-financial sectors and processes over $1.5 Billion worth of loan applications through its platforms every year. Amongst its vast portfolio of brands, Consumer Genius also owns top North American brands such as Loanz.com, Crush Leads, CarsFast.ca and BestLendersFor.com
If you are a dealership looking to purchase leads, or to find out more about the range of lending solutions, or for more information, please visit https://dealers.lendingarch.ca/ or contact [email protected]
SOURCE LendingArch Financial Inc.
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