ARLINGTON, Texas, April 27, 2017 (Newswire.com)
Agora Data, Inc. (“Agora”), a Texas-based provider of technology solutions for the financial services industry, announces the launch of its groundbreaking and market-disrupting exchange software for the auto finance industry. Agora is a cloud-based marketplace that enables buyers and sellers of auto loans to transact in a direct manner without the need for
brokers or intermediaries.
Agora founder and CEO Steve Burke, a thirty-year veteran of auto finance, launched the business in response to the many friction points and inefficiencies that exist in the manner that auto loan portfolios currently trade – namely poor and inconsistent data, lack of transparency from the brokers that dominate the market and heightened regulatory concerns over
unsecured transmission of personal consumer data.
Agora founders partnered with a Silicon Valley firm to combine market-leading software development and financial services expertise to build their revolutionary platform.
“We are highly confident that Agora will massively disrupt the status quo and rapidly become the standard through which auto loans are traded going forward,” said Burke. “We have strong conviction about the future success of Agora and that it will be a game changer for the industry. Since we launched Agora on April 3, 2017 we have listed over $100 million in loans for sale – well ahead of our projected pace. By using Agora, buyers and seller will never pay broker fees again!” Burke continued. Steve Gertz, partner to Agora said, “With Agora, we’ve created an innovative platform that introduces a new way to buy and sell loans in a secure marketplace. Our focus is providing a more sophisticated and easy way to transact.”
Through its proprietary technology, Agora maps directly into dealer management systems (“DMS”) and loan servicing systems (“LSS”) to allow dealers, finance companies and other prospective sellers of loans to seamlessly load their loan data into the Agora network. Agora captures and stores the data in a standardized fashion and in a highly secured and encrypted environment. Once loaded, sellers can flag specific loans they wish to advertise as available for sale, along with any key terms and conditions of the offered portfolio.
Using Agora’s flexible and customizable search engine, interested buyers can search to find portfolios that meet their specific criteria, filter based on a wide range of conditions and reflect bids (including material terms and conditions) back to the seller.
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