A new indirect auto lender has been courting dealers in the Orlando market and intends to expand throughout the Southeast within six months.
NetBank, an Internet bank with $4 billion in assets, has created an indirect auto lending division, NetBank Dealer Financial Services, based in Maitland, Fla.
The bank hired Jorge Font to run the division as director of dealer finance.
NetBank has signed up about 100 dealers since May, says Font, who has worked in dealer services with large banks Barnett Bank and AmSouth.
Though NetBank is an Internet bank with no branch offices and a variety of online banking services, the indirect auto-lending program is not online.
NetBank's indirect lending program is like that of a traditional brick-and-mortar institution.
Dealers receive a flat fee per loan or a dealer reserve - a markup on the interest rate - for handling the loans. Font declined to provide details.
He said the bank eventually intends to put dealer services online, just as NetBank has put its home mortgage program online.