ARLINGTON, Texas, September 21, 2020 (Newswire.com) –Agora Data, Inc., a finance solution provider of predictive loan technology, announced today the successful collaboration between Agora and Westlake Portfolio Management (WPM), a subsidiary of Westlake Technology Holdings (“Westlake”), in which Agora supports Buy Here Pay Here (BHPH) auto dealers with low-interest funding through the capital markets and WPM provides added operational efficiencies. This pioneering approach is the first-of-its-kind and solidifies Agora’s mission to provide BHPH dealers with industry knowledge and financial solutions to help them reach their goals, reduce risk, and grow their business.
“Agora’s partnership with WPM has made it possible to take on a very ambitious goal that will change the future of the auto industry,” said Steve Burke, CEO, Agora Data. “After years in the making, we are celebrating this important milestone. Streamlining diverse portfolios, aligning compliance and managing through the complexities, together we will successfully achieve what was considered unattainable in the financial community. With this historic accomplishment, we look forward to providing BHPH dealers access to lower-cost capital and the freedom to dream big.”
Leveraging Westlake’s cutting-edge technology and 30+ years of auto loan servicing experience, WPM will handle all back-end operations, including customer service, collections, titles administration, repossessions, and remarketing.
“Westlake is proud to partner with Agora as we both share a passion for innovation and customer service. Through collaboration and applying a disruptive approach to a traditional business transaction, together we offer a smart financial option to help Buy Here Pay Here dealerships realize their growth potential,” said Ian Anderson, Group President, Westlake Technology Holdings. “We are pleased to be a part of this monumental achievement for this special group of entrepreneurs and help bridge the financing gap by providing access to lower cost of funds and expanding capacity to sell more cars.”
For loan originators, AgoraCapital reviews portfolios and consolidates with other BHPH portfolios to create a viable investment entity. BHPH dealer participants are funded and can compete in the marketplace with lower interest rates, regardless of their balance sheets and with no recourse or personal guaranty requirements.
BHPH dealers benefit from Agora’s proprietary technology platform that combines predictive loan modeling and AI-driven data analysis to ensure valuation and best performance outcomes.
About Westlake Portfolio Management: About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $11.35 billion in assets under management. Westlake Financial originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through Westlake Portfolio Management; wpmservicing.com. Floor plan lines of credit are provided through their Westlake Flooring Services division; WestlakeFlooringServices.com, shared cash flow auto lending through Westlake’s wholly-owned subsidiary, Western Funding, Inc. a Nevada Based auto lender, and indirect automotive leasing for credit unions through Credit Union Leasing of America, is a subsidiary of Westlake, dealers leads and direct-to-consumer auto loans through Westlake Direct, and direct to consumer title loans are through Westlake’s wholly-owned subsidiary Loan Center loancenter.com. WestlakeFinancial.com
About Agora Data, Inc: Agora is re-inventing auto finance for BHPH dealers and finance companies. Founded in 2017 by a best in class team of professionals with experience from top financial and technology organizations, the company has successfully combined billions in historical loan performance data with experiences from top executives in auto finance to develop its AI-Infused predictive loan technology and modeling. Agora’s development of an easy to use platform with actionable dashboards provides direct access to the untapped BHPH auto market connecting dealers, sub-prime buyers, and capital market lenders with results-driven opportunities for growth and access to capital. www.agoradata.com. For more information, please contact Agora at (877) 592-4672 or firstname.lastname@example.org.
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Original Source: Newswire