Steve Burke joins Epi Ludvik in Bold Talks to discuss how innovation, scalability, crowdsourcing, and auto finance pertain to Agora Data. Agora, known for enabling car dealerships to be a captive finance company with access to the capital markets through innovative technology, has broken the mold in the consumer auto finance industry.
Much of consumer auto finance is controlled by large banks, credit unions, independent finance companies and similar entities with access to federally insured deposits or the capital markets. One of the major barriers that prevent car dealerships from accessing this capital efficiently is the scale, sophistication and modeling necessary to gain access to auto securitizations like the large national dealer groups have access to.
Agora breaks through these barriers with its proprietary machine learning (ML) models and its AgoraPortal, enabling dealerships of any size access to a crowdsourced securitization. In 2020, Agora made history by closing the first-ever crowdsourced nonprime auto securitization. Through Agora’s best-in-class technology and access to abundant capital, car dealers can become their own finance company. Not only does this help dealerships, but it also brings a new source of assets to the capital market. It’s a unique and profitable win-win.
The implementation of artificial intelligence (AI) and machine learning (ML) has greatly shaped the success of Agora. Agora’s machine learning-powered algorithms analyze $350 billion in subprime automotive finance data to generate loan predictability with a 99% accuracy rate or more.
However, Agora is more than their software and AI; they are also empowered by the human experience. With over 150 years of experience in Agora’s leadership team, they remain focused on what matters most: the consumer.
Agora is currently providing their creative funding solutions for auto dealerships and finance companies in the auto space, but they plan to expand into other types of consumer products in the future. Keep watching Agora for more exciting advancements in the consumer finance industry; and hear the full story on how innovation drives Agora forward through the Bold Talks interview.