TORONTO, Oct. 23, 2019 /CNW/ - Axis Auto Finance Inc.
("Axis" or the "Company"), (TSXV: AXIS) Canada's fastest growing publicly-traded
alternative automotive finance company, today announced that it has
set a sales record by originating $1
million in new loans in a single day.
The record setting day occurred at the end of September 2019 and highlights the culmination of
12 months of integration and sales platform build-out at Axis. The
Axis platform allows to originate loans across Canada and provide automotive dealers the
ability to convert up to 3 x more applications into loans, compared
to the competition.
"It's great to see our efforts over the last year reflected in
record origination numbers," commented Todd Hudson CEO of Axis. "We
look forward to continuous portfolio expansion and the resulting
revenue growth," he added.
Westlake partnership launched
Axis also reported the launch of originations for Westlake
Financial Services. The partnership with Westlake allows Axis to
expand its credit product offering to cover the entire non-prime
auto finance spectrum. In accordance to the term so the
partnership, Axis originates and services loans to near prime
customers in Canada on behalf of
Westlake. The loans are originated under the Axis brand and profits
are shared between the parties.
"The Westlake partnership allows Axis to offer an unparalleled
breadth of credit products in the Canadian non-prime auto market,"
said Ilja Troitschanski, President of Axis. "Together with superior
technology, we are now able to bring he Axis program into
significantly more dealerships across the country," he added.
About Axis Auto Finance
Axis Auto Finance is a leading Canadian provider of alternative
used vehicle financing options servicing roughly 30% of Canadians
(Source: Equifax) that have credit scores in the non-prime range.
100% of all Axis auto loans report to the credit bureau, resulting
in a significant improvement of the credit scores for the
overwhelming majority of clients. These clients use Axis as a
stepping-stone in their credit rebuilding journey and we are proud
to be improving the lives of these Canadians. Supported by
state-of-the-art, in-house developed risk analytics, Axis continues
to be Canada's fastest-growing
publicly traded auto-financing company. Further information on the
Company can be found at investors.axisautofinance.ca/.
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SOURCE Axis Auto Finance Inc.