The RV industry might have slowed down in 2023 from its pandemic-driven heights the previous two years but Medallion Financial did not. The indirect RV lender said 2023 was its most successful year yet.
Medallion Financial said the lender registered its highest earnings in history in 2023. Along the way, Medallion grew its recreation lending segment by 13%, to $1.3 billion, while raising interest rates 51 basis points from the beginning of the year until the end.
Company President Andrew Murstein said, “We grew this segment while maintaining tighter credit standards and a sharp focus on the type of assets we lend against which are generally smaller dollar assets, such as towable RVs and small boats.”
The recreation segment’s average loan size was just over $19,000.
Overall, the company posted $55.1 million in 2023 profits, up 25.8% from 2022 levels. Recreation originations totaled $62.7 million in the fourth quarter of 2023, down from $79.3 million in the fourth quarter of 2022.
