ARLINGTON, Texas –
Imagine as a buy-here, pay-here operator, you had access to some of the same financial and technological horsepower franchised dealerships have with their relationships to automakers and captives.
That’s pretty much what Agora Data and Westlake Portfolio Management (WPM), a subsidiary of Westlake Technology Holdings, are looking to provide.
On Monday, Agora and Westlake announced the launch of successful collaboration in which Agora supports BHPH dealers with low-interest funding through the capital markets and WPM provides added operational efficiencies.
The companies called this “pioneering” approach the “first of its kind” to solidify Agora’s mission to provide BHPH dealers with industry knowledge and financial solutions to help them reach their goals, reduce risk and grow their business.
“Agora’s partnership with WPM has made it possible to take on a very ambitious goal that will change the future of the auto industry,” Agora Data chief executive officer Steve Burke said in a news release.
“After years in the making, we are celebrating this important milestone,” Burke continued. “Streamlining diverse portfolios, aligning compliance and managing through the complexities, together we will successfully achieve what was considered unattainable in the financial community.
“With this historic accomplishment, we look forward to providing BHPH dealers access to lower-cost capital and the freedom to dream big,” he went on to say.
Leveraging Westlake’s technology and more than 30 years of contract servicing experience, the companies said WPM will handle all back-end operations, including customer service, collections, titles administration, repossessions and remarketing.
“Westlake is proud to partner with Agora as we both share a passion for innovation and customer service,” said Ian Anderson, Group President, Westlake Technology Holdings.
“Through collaboration and applying a disruptive approach to a traditional business transaction, together we offer a smart financial option to help Buy Here Pay Here dealerships realize their growth potential,” Anderson continued.
“We are pleased to be a part of this monumental achievement for this special group of entrepreneurs and help bridge the financing gap by providing access to lower cost of funds and expanding capacity to sell more cars,” he added.
For originators, AgoraCapital reviews portfolios and consolidates with other BHPH portfolios to create a viable investment entity. BHPH dealer participants are funded and can compete in the marketplace with lower interest rates, regardless of their balance sheets and with no recourse or personal guaranty requirements.
BHPH dealers also can benefit from Agora’s proprietary technology platform that can combine predictive loan modeling and AI-driven data analysis to ensure valuation and best performance outcomes.