Wisr launches secured vehicle finance product
Wisr announce the launch of its second major competitive product into market, secured vehicle finance, following a successful pilot program in FY20.
The new product provides Wisr with an entry into the $33 billion dollar1 consumer vehicle finance market, immediately expanding Wisr’s addressable market opportunity. The Wisr Warehouse will support the growth of this product, allowing the product to deliver significant revenue for the Company from launch.
The product is available for amounts from $5,000 to $60,000, with market-leading rates and flexibility on 3, 5 and 7 year terms and available through direct customer, partnership and broker channels.
During its pilot phase, the product won the RateCity Gold Award 2020 for New Car Loan Lender.
Wisr CEO Anthony Nantes said, “Our new secured vehicle product will set Wisr up for future growth in a significant market. As others retreat from the automotive finance market, we’re seizing opportunity as a disruptive new entrant, levering our experience and capability to underwrite personal loans, as well as the Wisr brand, market-leading technology, and consumer reach.”
“We have already received the Rate City Gold Award for the New Car Lending category in February (2020), which is a great result from our pilot, and we expect with the full launch of our second credit offering, it can be a major contributor to our loan book originations and accelerate our revenue growth in FY21.”
The product is also a natural evolution for the current Wisr product set.
Mr. Nantes continued, “With strong results from FY20 just announced, we are now expanding the Company’s product mix to attract more prime credit quality customers, increase the total addressable market and transform customers’ ability to own and maintain their vehicle.”
“Wisr aims to be the market leader in our chosen markets and the secured vehicle product is another opportunity to deliver exceptional customer experiences and a business model that is fairer, truly innovative, scalable, purpose-led and built to deliver long-term shareholder value,” finished Mr. Nantes.
1. Includes consumer and commercial lending segments. ABS 5601.0 LTM to Dec-19, and ABS 5671.0 LTM to Nov-18; ABS discontinued ABS 5671.0 in Nov-18.