Westlake Targets Canadian Subprime Market Featured

By Staff Writer September 08, 2019

 

Westlake Financial Services and Nowcom Corporation announced a strategic partnership with Axis Auto Finance that enables Westlake to access the large and growing Canadian non-prime automotive finance market.

“We are very excited about our expansion into Canada and partnership with Axis,” said Ian Anderson, group president of Westlake Technology Holdings. “The Canadian auto finance market is very similar to the United States and offers tremendous opportunities for Westlake and Axis to help auto dealers finance more customers.”

Under the partnership, Westlake and Nowcom will invest, on a private placement basis, into Axis by way of convertible unsecured subordinated debentures. Axis will originate and service loans to near prime customers in Canada on behalf of Westlake. The loans will be originated under the Axis brand and profits will be shared between the parties. Nowcom will provide its technology, DealerCenter and Carzing, to the Canadian markets to enhance communication and improve origination efficiency in auto dealers working with Axis.

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Last modified on Sunday, 08 September 2019 14:19

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