Pagaya Announces Partnership with Westlake Financial, Showcasing Strength of Pagaya’s Fast-Growing Auto Product
September 07 2023 - 8:00AM
Business Wire
Leading dealer groups and thousands of
Westlake’s franchise dealers to gain access to Pagaya’s
tech-enabled credit-decisioning product
Pagaya 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.
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 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.”
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
loans are originated, Pagaya’s auto financing partners are able to
approve more loans without using their own balance sheets.
“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 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.”
About Pagaya Technologies
Pagaya (NASDAQ: PGY) is a global technology company making
life-changing financial products and services available to more
people nationwide, as it reshapes the financial services ecosystem.
By using machine learning, a vast data network and a sophisticated
AI-driven approach, Pagaya provides comprehensive consumer credit
and residential real estate solutions for its partners, their
customers, and investors. Its proprietary API and capital solutions
integrate into its network of partners to deliver seamless user
experiences and greater access to the mainstream economy. Pagaya
has offices in New York and Tel Aviv. For more information, visit
pagaya.com.
About Westlake Technology Holdings
Westlake Technology Holdings is an auto and finance technology
company headquartered in Los Angeles, CA with approximately $24
billion in assets under management. Westlake Financial (“Westlake”)
originates indirect automotive retail installment contracts through
a nationwide network of new and used automotive and power sports
dealers. Westlake also offers credit facilities and commercial real
estate loans through Westlake Capital Finance (WCF); portfolio
servicing through Westlake Portfolio Management (WPM); floor plan
lines of credit are provided through its Westlake Flooring Services
division, www.WestlakeFlooringServices.com; shared cash flow auto
lending through Westlake’s wholly-owned subsidiary, Western Funding
Inc., a Nevada based auto lender; indirect automotive leasing for
credit unions through Westlake’s subsidiary, Credit Union Leasing
of America (CULA); dealer leads and direct-to-consumer auto loans
are offered through Westlake Direct; consumer installment loans are
offered through Westlake’s wholly-owned subsidiary LoanCenter,
www.loancenter.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20230907754044/en/
Pagaya Contacts Jency John Head of Investor Relations
IR@pagaya.com Emily Passer Head of PR & External Communications
Press@pagaya.com Westlake Contacts David Goff VP of
Marketing dgoff@westlakefinancial.com
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