Now as the newly installed chief executive officer of iLendingDIRECT, Tom Holgate is looking for the company fueled by resources from private investment firm J.C. Flowers & Co. to continue to leverage the refinancing marketplace aided by strong used-vehicle prices.

“The heightened used-vehicle prices have helped draw awareness to the opportunity of refinancing a car loan,” Holgate said in a message to Auto Fin Journal. “There are a number of reasons that consumers are keeping their cars for longer than ever before and continuing to pay on their original loan. Many consumers could substantially benefit from a refinance if they’re planning to keep the same car for an extended period, especially if they’ve made their payments regularly. 

“We estimate that at least one out of every four car loans is overpriced, meaning borrowers are leaving serious money on the table by staying in those loans.  Now is a great time for consumers to take advantage of the opportunity,” Holgate continued.

And iLendingDIRECT wants to be that service provider with Holgate directing the operation.

According to a news release, Nancy Fitzgerald, iLendingDIRECT founder and the previous CEO, has transitioned to the role of chief strategist and will continue to be active in the long-term planning for the company.

In the news release, Holgate said, “iLending has a demonstrated track record of leadership in the automotive refinance space and is well positioned to bring greater value and service to even more customers looking to save money on their auto loans. I am honored to lead those expansion efforts.

“To demonstrate our commitment to serving our customers and saving them money, we are putting a stake in the ground with a pledge to deliver $50 million in annual savings for the nationwide customer base iLending will serve this year. My expectation is that number is just the beginning, and will only increase each year as we continue to grow,” he continued.

Prior to joining iLending, Holgate served as COO of BFS Capital where he implemented strategies that resulted in significant improvement in loan request response time, developed a quality control program, and grew recovery collections revenue; all of which drove significant revenue growth.

Before BFS Capital, Holgate worked at Southern Auto Finance Co., American Credit Acceptance, Freedom Financial Group, Wells Fargo Financial and American General Financial Group.

In the message to Auto Fin Journal, Holgate shared what he sees as the vital ingredients to keeping refinancing active for the remainder of the year and into 2022.

“We’re focused on two factors: continuing to offer our customers excellent service so that they can refinance easily and improve their financial picture and increasing consumer awareness that refinancing their car loan is an option,” Holgate said.

“We hear from consumers every day that they didn’t even know an auto refinance was possible, so with greater awareness in the market will come more opportunity to refinance loans and save consumers money,” he went on to say.