myAutoloan.com, and online direct to customer auto finance company, has seen a 35% percent increase in applications for the first quarter 2009 compared to first quarter 2008. Finance applications for the purchase of new and used cars as well as refinance loans, has risen sharply due much in part to the increase demand for the limited financing that is available through traditional channels at dealerships. These traditional channels have left consumers without options thereby leaving consumers to apply online in search of alternative financing. They have been driven to expand their search and through the internet, finding solutions causing the large increase in application volume.
"We see the increased activity as good news" said Greg Thibodeau, CEO of myAutoloan.com, "and it clearly says that demand for direct to consumer lending for the purchase of new and used vehicles and refinance loans, is much bigger than the supply in the current market condition. With this pent up demand sitting on the side line, waiting for lenders to increase their activity, it's a matter of time before visionary companies will enter and capture market share. It's pretty obvious to us that this unmet need will be identified and solved in the next several months".
Thibodeau went on to say, "It is an interesting, exciting and challenging environment these last few quarters. While we feel good about myAutoloan.com's performance in the first quarter and year-to-date, uncertainty remains regarding many of the key drivers that affect our operations, specifically, 'When will credit loosen up?' The Big 3, auto production and the availability of sustainable funds for the direct-to-consumer lending market continue to surprise us from what was a positive and predictable market just 9 months ago. Our overall long term outlook of our industry remains positive".
myAutoloan.com is a registered trademark of and a division of Horizon Digital Finance, L.L.C. which began operation in 2003. The company is a privately held, direct-to-consumer, internet-based financing marketplace that helps consumers take control of the research, finance and buy processes for Auto Loans and Auto Loan Refinance, Private Party Auto Loans and Auto Lease Buyout Loans. Offering a wide range of products and services to simplify the search for information and funding alternatives, consumers are provided with a secure, confidential place to obtain up to four loan offers. myAutoloan.com facilitates the matching of lenders based upon customer needs via a patent pending, proprietary analysis and evaluation process called Preferred Placement®.