Bennett: MotoRefi operates as a pure marketplace without balance-sheeting loans
Kevin Bennett · They Refinanced $250m in Auto Loans Last Year, Make Money 3 Ways · Mar 14, 2021 · at 10:30
Kevin Bennett, CEO of auto refinancing startup MotoRefi, discusses the company's risk profile and marketplace model with Nathan Latka.
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“We're closer to the latter in that we are not balance sheeting any loans.”
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More from Kevin Bennett
Bennett: Low interest rates and COVID created tailwinds for auto refinancing
“I'd say slight tailwind. I mean, what you've seen is that consumers are looking you know, whether or not that they are personally impacted, they know people are impacted, they're thinking about their finances rates are relatively low. And so you've seen a lot …”
Bennett: Auto lending offers a better risk-return profile than other asset classes
“So we actually see auto as an asset class being more compelling relative to other asset classes based on the return and risk profile. So we see more emphasis in growth in, in auto lending actually these are the other other types of lending. So while there coul…”
Bennett: MotoRefi completed over $250M in auto refinancings in 2020
“So we did over two hundred and fifty million dollars in refinancings last year, and we will do orders of magnitude above that this year.”
Bennett: Auto loans represent a $1.2T asset class matching student loans
“And there was this great opportunity for a, you know, auto as an asset class over 1.2 trillion dollars, the same size student loans. But hadn't seen the same innovation.”