LendingClub expands its business around auto loans

LendingClub, the peer-to-peer loan company, is getting into the auto loan business. Americans borrow over $500 billion a year to help pay for their cars. But there’s a lot of room on the road for more business — only $40 billion a year is refinanced. Also, Lending Club says the company has already invested in its peer-to-peer lending platform, so why reinvent the wheel?