The Ledger
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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.”
Bennett: MotoRefi operates as a pure marketplace without balance-sheeting loans
“We're closer to the latter in that we are not balance sheeting any loans.”
Bennett: MotoRefi doubled its lender network on the platform in 2020
“So we don't release the aggregate numbers, but we doubled the number of lenders in the platform last year.”
Bennett: MotoRefi revenue splits evenly across origination, referrals, and product sales
“It's about even within each.”
Bennett: MotoRefi saves consumers $1,200 annually on auto refinancing net of fees
“The consumer, again, net of fees is saving a hundred dollars a month on, on the refinance. And that's 1200 dollars a year, obviously in real money.”
Bennett: MotoRefi software improves lender approval and funding rates by 20%
“We operate up to 20% more efficiently when it comes to approval rates and funding rates based on the data integrations we have based on the software we run.”
Bennett: MotoRefi grew monthly revenue 6X in 2020
“We announced it when we announced the round that we grew last year monthly revenue six X.”
Bennett predicts MotoRefi's 2021 growth will match or exceed its 2020 performance
“We are seeing things on a similar trajectory. So we're feeling really good about the growth. And we think this year is going to look a lot like last year, if not better.”