Axis Sets Single Day Originations Record at $1 million
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/.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Axis Auto Finance Inc.
Axis Auto Finance Inc., Ilja Troitschanski, President, (416) 633-5626, [email protected]
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