Rapid Growth Prompts Loanfirst.com's Move to Larger Offices
13 July 2000
Indirect Lending Online Marketplace Creator Relocates to Accommodate Current and Future Expansion
AUSTIN, Texas - Austin-based Loanfirst.com announced today that it will move its headquarters to 201 W. 5th Street, the heart of the downtown warehouse district, on July 13.Loanfirst.com provides a business-to-business marketplace that connects local and national indirect lenders and auto dealers, offering the dealers a variety of loan options for their customers. The new office provides approximately 6,700 square feet of workspace for the automobile finance metamediary.
The company has grown from three founding partners in the fall of 1999 to its current total of 20 full-time employees and anticipates hiring an additional 20 employees by the end of the year.
"We have been growing so rapidly that we really need the extra space," said Loanfirst.com's CEO Jon Nelson, "Being the only company marketing a product or service of this type, we need to be prepared to handle a large volume of business."
Loanfirst.com's new offices are located in the Travis County Domestic Services Building. "Our new location will provide great access to a diverse and talented labor pool as well as facilitating vital integration into the Austin business community," said Nelson.
Over $300 billion in indirect automobile loans are originated annually. Loanfirst.com enables dealers to apply online for indirect loans and receive multiple financing options in as little as 30 seconds through an automated credit decisioning system that is accessed and can be utilized by lending partners over the Internet.
About loanfirst.com
Based in Austin, Texas, Loanfirst.com connects auto dealers and lending institutions to enable faster loan decisions and increased cost-efficiency. The company's first-to-market metamediary business model delivers 30-second loan approvals from lenders to dealers and provides lenders direct and cost-effective access to the lucrative and fragmented automotive dealer market.
About the Metamediary Business Model
Metamediaries connect suppliers and buyers. They facilitate the online business-to-business marketplace by providing a range of services surrounding transactions. Metamediaries increase operational velocity, market liquidity and product liquidity. According to a Bear Stearns report, metamediaries will be responsible for the sale of $438 billion in B2B transactions in 2003. Additionally, they will save companies $57 billion in operations cost savings.