Agora Data and Westlake Portfolio Management Collaborate on Unique Securitization for BHPH Car Dealers
ARLINGTON, Texas, September 21, 2020 / PRNewswire / – Agora Data, Inc., a financial solutions provider of predictive lending technology, today announced the successful collaboration between Agora and Westlake Portfolio Management (WPM), a subsidiary of Westlake Technology Holdings (“West Lake“), in which Agora supports Buy Here Pay Here (BHPH) car dealerships with low interest financing through capital markets and WPM brings additional operational efficiency. This pioneering approach is the first of its kind and strengthens the Agora’s mission to provide BHPH dealers have industry knowledge and financial solutions to help them achieve their goals, reduce risk and grow their business.
“Agora’s partnership with WPM has made it possible to take a very ambitious goal that will change the future of the automotive industry,” said Steve burke, CEO, Agora Data. “After years of development, we are celebrating this milestone. By streamlining various portfolios, aligning compliance and managing complexities, we will together succeed in achieving what was considered unachievable in the financial community. With this historic achievement, we look forward to providing BHPH dealers with access to lower cost capital and the freedom to dream big. “
Benefit Westlake Cutting-edge technology and over 30 years of auto loan service experience, WPM will handle all back-end operations including customer service, collections, title administration, trade-ins and remarketing.
“West Lake is proud to partner with Agora because we both share a passion for innovation and customer service. Through collaboration and the application of a disruptive approach to a traditional business transaction, together we deliver a smart financial option to help Buy Here Pay Here dealers realize their growth potential, ”said Ian anderson, Group Chairman, Westlake Technology Holdings. “We are happy to be a part of this monumental achievement for this special group of entrepreneurs and to help close the funding gap by providing access to cheaper funds and increasing the ability to sell more cars.
For loan originators, AgoraCapital reviews the portfolios and consolidates with other BHPH portfolios to create a viable investment entity. Participating BHPH dealers are funded and can compete in the market with lower interest rates, regardless of their balance sheet and without recourse or personal guarantee obligation.
BHPH dealers benefit from Agora’s proprietary technology platform that combines predictive loan modeling and AI-based data analysis to ensure better performance assessment and results.
About Westlake Portfolio Management: About Westlake Technology Holdings: Westlake Technology Holdings is an automotive and financial technology company based in Los Angeles, CA with about $ 11.35 billion in assets under management. Westlake Financial pioneers indirect auto retail installment contracts through a nationwide network of new and used auto and powersports dealerships. West Lake also offers portfolio purchase loans, credit facilities and portfolio management services through Westlake Portfolio Management; wpmservicing.com. Floor plan lines of credit are provided by their Westlake Flooring Services division; WestlakeFlooringServices.com, automatic shared cash flow loans Westlake wholly owned subsidiary, Western Funding, Inc., a Nevada-based auto lender, and Indirect Auto Leasing for Credit Unions through Credit Union Leasing of America, is a subsidiary of West Lake, dealerships and direct-to-consumer auto loans through Westlake Direct, and direct-to-consumer loans Westlake 100% Loan Center subsidiary loancenter.com. WestlakeFinancial.com
About Agora Data, Inc: Agora is reinventing auto financing for BHPH dealers and finance companies. Founded in 2017 by a team of top-notch professionals with experience from leading financial and technology organizations, the company has successfully combined billions of historical loan performance data with the experiences of senior auto finance executives to grow its technology and its AI-infused predictive lending modeling. . Agora’s development of an easy-to-use platform with actionable dashboards provides direct access to BHPH’s untapped automotive market, connecting dealers, subprime buyers and capital market lenders with focused growth opportunities on results and access to capital. www.agoradata.com. For more information, please contact Agora at (877) 592-4672 or [email protected].
SOURCE Agora Data, Inc.