70% increase in Green Light Auto Loans

I remember reading this figure back in October and thought it sounded rather nice. Having little knowledge about car financing, I'm wondering what prospects are there for CCV to continue to grow this side of the business?

It seems there has been substantial growth in a relatively short time: 70.5% up this year to $71.8 million, keeping in mind their total loan book is $220m.

And, for some historical insight, a passage from the '18 Annual Report:
"Having launched the auto loan model in March 2016, the business
is pleased to report the loan book at 30 June 2018 has increased by
109.3% to $42.070 million over the year. This has led to an EBITDA
contribution of $2.574 million, up from a reported EBITDA loss in FY
2017 of $408 thousand, making FY 2018 GLA’s first profitable year.
Total revenue from vehicle financing is up 30.7% to $11.969 million,
with loans advanced totalling $26.305 million."


It appears there is reasonably strong growth in this sector for CCV. In order to better understand the GLA side of the business I did some searching and came across this Report which came out during the Royal Commission into banking. In relation to the size of the car financing sector in AU: "new finance commitments for motor vehicles totalled around $2.8 billion in the month of December 2017"

That's quite a big pie, of which GLA seems to be taking some tiny bites. Though, already we have seen this improve NPAT by ~10% in these early stages.

I went around to look at other competitors on two popular comparison websites Canstar and RateCity. No evidence of Green Light Auto on either of these websites. From what I understand about the business, the majority of loans that they provide are the loans that nobody else wants, which would suggest that once someone is rejected by usual/popular lenders then GLA is offered, usually at a dealership or through a broker. From what I understand a significant step has been to grow these dealership and broker networks. In the '18 Annual Report there was a mention of technology development in relation to GLA, but can't find much evidence of this. The website seems quite simplistic and provides little insight or attraction.

Curious to see if anyone has any insights.