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The non-bank lender has welcomed its first national sales manager for auto lending to its ranks.
Firstmac has announced it has appointed car loan business development manager (BDM) Tom Moody as its inaugural national sales manager (auto).
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Mr Moody has been appointed to the role coming off a tenure from Plenti, where he was a senior BDM, and has previously held senior roles at Pepper and NFC Aggregation.
Mr Moody’s role with the non-bank lender will be to grow Firstmac’s auto business by working with major aggregators and key accounts.
He began working in this new role over the last few weeks and reports to head of third-party sales Jake Sanders.
The appointment followed Firstmac’s concentrated push into car loans, which include green car loans for low-emissions vehicles.
Firstmac managing director Kim Cannon said Mr Moody’s appointment would bolster the non-bank lender’s growth in the car lending market, where it has reportedly been writing “record volumes throughout 2022”.
“In this newly created role, Tom has been tasked with building greater awareness of the Firstmac offering and to develop deeper relationships with key accounts,” Mr Cannon said.
“Tom has excellent experience across the asset finance market and will add great value to this fast-growing channel at Firstmac.”
Mr Moody stated he was delighted to join Firstmac, saying: “I’ve heard great things about Firstmac so when I heard about this opportunity, I grabbed it with both hands.
“I’m looking forward to helping Firstmac grow its auto lending business in partnership with our asset finance and mortgage broker network, helping to develop the product and working face-to-face with clients.”
The non-bank lender has been on a growth path recently, revealing that its auto-finance business had reached a portfolio of $600 million.
It ramped up its journey into vehicle finance after purchasing car loan brokerage CarLoans.com.au and car-buying service Georgie in 2020 and relaunched the platform car-buying service as OnlineAuto.com.au in September last year.
Earlier this year, the non-bank launched a variable-rate product for mortgagors buying “green” electric or hybrid vehicles.
Speaking at the time, Mr Cannon added that he expected the variable-rate product to be “very popular” because the selling proposition for a variable car loan rate was even stronger than for home loans.
“Car loans are smaller and have much shorter duration than home loans so the impact of any potential rate rise is relatively modest, while the borrower still gets the benefit of a lower starting rate and much more flexibility,” Mr Cannon explained.
More recently, Firstmac successfully completed the largest non-bank residential mortgage-backed securities (RMBS) issue for 2022, priced at $1.76 billion.
[RELATED: Largest non-bank RMBS issue completes: $1.76bn]
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