Business
Pagaya Announces Partnership with Westlake Financial, Showcasing Strength of Pagaya’s Fast-Growing Auto Product
Leading dealer groups and thousands of Westlake’s franchise dealers to gain access to Pagaya’s tech-enabled credit-decisioning product NEW YORK--(BUSINESS
About this update from Pagaya Technologies Ltd.
[{"type":"text","content":"\nLeading dealer groups and thousands of Westlake’s franchise dealers to gain access to Pagaya’s tech-enabled credit-decisioning product\n\n\n NEW YORK--(BUSINESS WIRE)--\nPagaya Technologies Ltd. (NASDAQ: PGY) (the “Company” or “Pagaya”), 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.\n\n\nWith 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 loans 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 loans.”\n\n\nToday'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.\n\n\nPagaya’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 loans are originated, Pagaya’s auto financing partners are able to approve more loans without using their own balance sheets.\n\n\n“In an increasingly competitive credit market, Pagaya is helping our partners approve more loans, 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 busines...