Pagaya Announces Partnership with Exeter Finance, Further Scaling its Auto Lending Product
December 13 2023 - 8:25AM
Business Wire
Premier auto finance company to utilize Pagaya’s auto
credit-decisioning product across their national network of 13,000+
auto dealers
Pagaya Technologies Ltd. (NASDAQ: PGY) (the “Company” or
“Pagaya”), a global technology company delivering AI-driven product
solutions for the financial ecosystem, has announced a partnership
with Exeter Finance, a premier auto finance company delivering
financing solutions for over a million customers, across more than
13,000 dealerships.
By integrating Pagaya's AI-driven auto product, which includes
access to fully automated credit decisioning technology and
real-time funding of loans originated, Exeter can help auto
dealerships in its network sell more vehicles, without taking on
incremental risk.
“We’re excited to leverage Pagaya’s AI technology and lending
network to serve our dealer partners nationwide,” said Brad Martin,
President and COO of Exeter. “In an increasingly competitive credit
market, this partnership will help our dealers sell more new and
used vehicles and facilitate more real-time seamless customer
experiences.”
“We are thrilled to partner with Exeter as we continue to expand
our auto lending product to leading auto finance companies and
captive lenders. With the addition of Exeter, our 2023 cohort of
new lending partners is expected to contribute 15-20% of Pagaya’s
total network volume in the next three years,” said Gal Krubiner,
Co-Founder and CEO of Pagaya. “In today’s environment, Pagaya’s
tech-enabled lending product offerings allow our auto partners to
approve more customers and scale their businesses more rapidly and
efficiently. As our business accelerates, we remain focused on
expanding our product suite in order to continue helping our
partners serve their customers.”
This is the 29th partner to join Pagaya’s AI-driven lending
network, bringing the company another step closer to its
medium-term target of $25 billion in annual volume.
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 products 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 Exeter Finance
Exeter Finance LLC is an indirect auto finance company
headquartered in Irving, Texas. Founded in 2006, the company
underwrites, purchases, services, and securitizes retail
installment contracts from U.S. automobile dealers. Exeter works
with over 13,000 dealers and over 500,000 customers nationwide,
providing indirect financing for new and used vehicles. The company
has a serviced portfolio of over $9.4 billion. For more
information, visit www.exeterfinance.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231213531473/en/
Pagaya Contacts Jency John Head of Investor Relations
ir@pagaya.com Emily Passer Head of PR & External Communications
press@pagaya.com Exeter Contacts Sloane Tittle SVP,
Marketing and Communications Press@exeterfinance.com
Pagaya Technologies (NASDAQ:PGY)
Historical Stock Chart
From Apr 2024 to May 2024
Pagaya Technologies (NASDAQ:PGY)
Historical Stock Chart
From May 2023 to May 2024