(ARLINGTON, Texas, February 9, 2021) Adding to its suite of market-disruptive capabilities, Agora Data, Inc. announced the rollout of its newest tool, AgoraCredit – a dealer-friendly line of credit to continue helping an underserved segment of the auto industry. With AgoraCredit, Buy Here Pay Here dealers and other underbanked originators can transition from their current senior lender into interim credit lines that are designed to transition them into a highly efficient and abundant source of permanent capital, AgoraCapital. AgoraCredit was created with the specific goal of not locking originators into expensive and risky lines of credit, but instead with the objective of providing a smooth glidepath into Agora Data’s groundbreaking crowdsourced securitization, AgoraCapital.
The formation of AgoraCredit happens on the heels of Agora Data’s announcement of the first-ever crowdsourced auto securitization that closed on December 29, 2020. That securitization gave Buy Here Pay Here dealers and subprime originators of all sizes access to the capital markets with lower cost of funds and other business transformation benefits. AgoraCredit works in partnership with AgoraCapital rather than in competition with it and removes barriers for auto dealers and small to mid-size finance companies to graduate directly into this new source of funding that has never been available to the auto industry.
Closing the first crowdsourced securitization at the end of 2020 was a monumental achievement for the auto industry. We showed proof of concept for a business model that brings favorable financing terms to an underserved group of entrepreneurs,” said Steve Burke, CEO, Agora Data, Inc. “With AgoraCredit, we made another addition to our suite of already game-changing capabilities. AgoraCredit will make the process even easier for more dealers and finance companies to access capital.”
As the leaders in auto finance innovation, Agora Data created AgoraCredit to continue its mission of bringing affordable financing and other solutions to originators so they can provide better and more cost saving options to consumers. This new approach and funding channel are revolutionary in auto finance and helps subprime entrepreneurs across the United States maximize their success.
About Agora Data, Inc: Agora Data has created access to capital for Buy Here Pay Here dealers and small to mid-sized finance companies. Pioneered by Agora Data, both AgoraCapital and AgoraCredit provide a new funding channel to obtain all the cash needed to fuel growth. Agora’s proprietary radical AI-infused technology connects dealers and finance companies with the capital markets. For capital markets stakeholders, AgoraTrade and AgoraCapital provide an opportunity to participate in a time-tested asset class previously not available. Agora Data made history with the closing of the first-ever Crowdsourced Subprime Auto Securitization on December 29, 2020. Founded in 2017. agoradata.com. For more information, contact Agora Data at 877-592-4672.
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