Loan tree TREE recently announced a partnership with Westlake Technology Holdings to launch an indirect auto loan platform. The move is part of the company’s efforts to allow its consumers to shop and distinguish prequalified indirect car loan rates on its site, LendingTree.com.
Westlake Financial offers a full suite of competitive auto finance solutions to help a multitude of consumers with their coveted vehicles. Notably, LendingTree has helped millions of consumers purchase auto loans from direct lenders for over a decade.
Building on its integration with DealerTrack and RouteOne, LendingTree is now able to capitalize on the company’s first indirect lending partnership with Westlake by serving the bank’s vast customer base with instant financing solutions that are fully tradable at the dealer.
LendingTree’s General Manager of Auto Loans, Mike Funderburk, said: “Giving our consumers high quality marketable loan offers that can save them a considerable amount of time at the dealership will be a significant change in the consumer experience that will benefit everyone involved. “
Ian Anderson, Chairman of Westlake Technology Holdings Group, said: “We are delighted to partner with Lending Tree as they have proven to be a trusted leader in the online automotive market. He also spoke about the importance of providing customers with a streamlined online car buying process and showed that this partnership will help the two companies positively impact the industry, while also refining the experience. purchase of vehicles from their customers.
In particular, this is not the first time that LendingTree has used the expertise of another company to better serve its customers. In order to simplify services such as business loans, commercial advertising, customer education and mortgage origination, the bank had in the past announced several agreements with companies such as Student Loan Hero, ValuePenguin, MagnifyMoney, etc.
LendingTree’s inorganic growth initiatives look impressive. While high advertising spending is likely to erode the company’s bottom line, its commitment to expanding non-mortgage product offerings bodes well for the long term.
LendingTree shares gained 13.3% in six months, underperforming the 24.9% growth in the industry to which it belongs.
Currently, LendingTree carries a Zacks Rank # 3 (Hold).
Some better ranked actions from the same space are PennyMac Financial Services, Inc. PFSI, Walker & Dunlop, Inc. DEO and Ameriprise Financial, Inc. AMP, each displaying a rank 1 of Zacks (strong buy). You can see The full list of today’s Zacks # 1 Rank stocks here.
PennyMac Financial Services, Inc. has witnessed an upward revision of earnings estimates for the current year over the past 60 days. Its share price has appreciated 24.6% in six months.
Walker & Dunlop, Inc.’s Zacks consensus estimate for 2021 earnings has also been revised slightly upward in the past 60 days. The stock has jumped 87.2% in the past six months.
Ameriprise Financial, Inc. has seen an upward revision of the current year profit estimate of 3.2% in the past 30 days. The company’s shares have appreciated 42.3% in six months.
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