LendingTree to Partner with Westlake on Indirect Auto Lending Platform

Rhea-AI Summary

LendingTree (NASDAQ: TREE) has announced the launch of an indirect auto lending platform that allows consumers to compare pre-qualified auto loan rates on its website. This initiative, effective immediately, is supported by integrations with RouteOne and DealerTrack, enhancing the consumer finance experience at dealerships. Westlake Financial has been signed as the first indirect lending partner, providing a range of competitive auto finance solutions. This collaboration aims to streamline the car buying process, offering consumers transactable loan offers and saving them time at dealerships.

Positive

• Launch of an indirect auto lending platform enhances consumer choice.
• Partnership with Westlake Financial introduces competitive auto finance solutions.
• Improves the car buying experience with instant finance offers.

Negative

• None.

CHARLOTTE, N.C., Feb. 19, 2021 /PRNewswire/ -- LendingTree®, the nation's leading online financial services marketplace, has announced that is launching an indirect auto lending platform, which will enable consumers to shop and compare pre-qualified indirect auto loan rates on LendingTree.com.

For over 10 years, LendingTree has helped millions of consumers shop for auto loans with direct lenders like CapitalOne and LightStream. Through completed integrations with both RouteOne and DealerTrack, leading F&I services platforms connecting thousands of car dealers and finance sources, LendingTree is now positioned to empower consumers with instant finance offers that are fully transactable at the dealership.

Building on its integration with DealerTrack and RouteOne, LendingTree has reached an agreement with Westlake Financial to be the company's first indirect lending partner. Westlake Financial offers a full spectrum of competitive auto finance solutions to accommodate a multitude of customers with their desired vehicle, whether they have great credit, good credit or challenged credit.

"We're thrilled to bring on Westlake Financial, their expansive dealer network and over 30 years of experience to our indirect platform," said Mike Funderburk, General Manager, Auto Loans at LendingTree. "Empowering our consumers with high quality transactable loan offers that can save them significant time at the dealership will be a meaningful shift in the consumer experience that will benefit everyone involved."

"We are excited to establish this partnership with Lending Tree as they have proven to be a trusted leader in the online automotive marketplace," stated Ian Anderson, Group President of Westlake Technology Holdings. "The importance of providing customers with a streamlined online car buying process was highlighted all throughout 2020. I'm confident that this partnership will allow both parties to make an even bigger impact within the automotive industry, all while improving the car shopping experience for consumers," commented Anderson.

For lending partners interested in joining the indirect auto lending platform, please visit https://www.lendingtree.com/forms/partners/PartnerWithUsv4

About Westlake Technology Holdings
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $11.14 billion in assets under management. Westlake Financial ("Westlake") originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake's wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake's subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer title loans are offered through Westlake's wholly owned subsidiary Loan Center, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance. www.WestlakeFinancial.com

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, customized recommendations to improve credit health, and notification when there are opportunities to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education, and support. LendingTree, LLC, is a subsidiary of LendingTree, Inc. For more information, please visit www.LendingTree.com.

MEDIA CONTACTS:

Megan Greuling 704-943-8208
Megan@LendingTreeNews.com

David Goff, VP of Marketing
dgoff@westlakefinancial.com

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SOURCE LendingTree.com

FAQ

What is LendingTree's new indirect auto lending platform?

LendingTree's new platform allows consumers to shop and compare pre-qualified auto loan rates directly on its website.

Who is LendingTree's first partner for its indirect auto lending platform?

Westlake Financial is the first indirect lending partner for LendingTree's new platform.

How does LendingTree's indirect auto lending platform benefit consumers?

The platform provides consumers with competitive, transactable loan offers, saving time during the car buying process.

When was the indirect auto lending platform launched by LendingTree?

The indirect auto lending platform was launched on February 19, 2021.

What is the stock symbol for LendingTree?

LendingTree's stock symbol is TREE.