Leading dealer groups and thousands of Westlake’s franchise dealers to gain access to Pagaya’s tech-enabled credit-decisioning product
Pagaya Technologies Ltd. a global technology company delivering artificial intelligence infrastructure for the financial ecosystem, has announced a partnership with Westlake Financial, an automotive fintech company with almost $24 billion in assets under management, originating indirect automotive retail installment contracts through a nationwide network of new and used auto dealers.
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With this expansive partnership, Westlake’s dealer partners – which include the nation’s top two dealer groups based on originations – and their entire suite of ~14,000 franchise dealers will have access to Pagaya’s credit-decisioning technology product. By tapping into Pagaya’s innovative tech-enabled credit-analysis platform, the partnership with Westlake will facilitate smarter, more empowered credit decisions that will elevate the car-buying experience, creating more l**** for more customers. “Pagaya’s credit scoring is very complementary to Westlake’s decisioning model,” stated Chris Urban, SVP of Risk for Westlake Financial. “By utilizing both models we are able to return the most competitive approval to the dealers and fund more l****.”
Today’s announced partnership is born out of a successful 2021 pilot program designed to expand access to auto financing for consumers of two of the country’s most well-known auto retailers, focused on providing increased access to auto financing for everyday consumers.
Pagaya’s auto partners have the ability to make credit decisions quicker and more accurately, expanding their existing product offering while improving the customer experience, and ultimately converting more car purchases. Additionally, because Pagaya operates on a fully pre-funded model, with capital raised before l**** are originated, Pagaya’s auto financing partners are able to approve more l**** without using their own balance sheets.
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“In an increasingly competitive credit market, Pagaya is helping our partners approve more l****, thereby helping their dealerships sell more cars and trucks. We are proud to be strengthening our relationship with the incredible Westlake Financial team as we grow our auto business,” said Gal Krubiner, co-Founder and CEO of Pagaya. “Through this expansive partnership, our tech-enabled, two-sided lending network will integrate with the thousands of Westlake dealers and dealer groups, accelerating the growth of our auto product and our presence in auto dealerships across the country.”
“We’re excited to be leveraging Pagaya across more of our dealerships, optimizing the financing experience for car buyers,” said Don Hankey, Chairman of the Board of Hankey Group, the parent group of Westlake Financial. “Pagaya’s AI technology and two-sided lending network allows us to unlock new opportunities for our team and facilitate seamless transactions, ultimately helping our dealers sell more, and our customers get approved faster.”
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