Bank of Internet Auto Completes Successful Southern California Pilot: Auto Lending Division Signs Up 191 Dealership Within 6 Months: Funding Increases by 92% Campaign-to-Campaign
SAN DIEGO, CA--(Marketwired - December 08, 2015) - Bank of Internet ("BofI"), a brand owned and operated by BofI holding inc., is proud to announce the successful implementation of its auto lending platform, a pilot program launched in April 2015 tailored to address the growing needs of franchised automobile dealerships looking for a responsive and efficient auto lending partner.
BofI's Auto Platform leverages the latest technology and data to streamline and automate the decision making and funding process. These efficiency gains allow BofI's credit team to better address the unique needs of any given application and/or dealership.
"We are extremely pleased with the results we have achieved so far," commented Tim Chung, Senior Vice President of Auto Lending for BofI. "In the past six months alone, 191 dealers have been enrolled through the platform. By implementing a series of innovative digital market campaigns, we increased the number of loan applications and conversion rates. The net result was a 92% increase in funding in the three months between Independence Day and Labor Day."
The pilot program was primarily focused on select dealers in Southern California, one of the largest markets for prime auto loans. The second stage of the pilot which will expand to other markets in California and to other states is currently underway.
About BofI Holding, Inc. and BofI Federal Bank
BofI Holding, Inc. ("BOFI") is the holding company for BofI Federal Bank, a nationwide bank that provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. With approximately $6.3 billion in assets, BofI Federal Bank provides consumer and business banking products through its low-cost distribution channels and affinity partners. BofI Holding, Inc.'s common stock is listed on the NASDAQ Global Select Market under the symbol "BOFI" and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information on BofI Federal Bank, please visit bofifederalbank.com.