Axis Auto Loan Portfolio Surpasses $200 million
TORONTO–(BUSINESS WIRE)–Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a rapidly growing financial technology company changing the way Canadians purchase and finance used vehicles, today announced that it has broken its single day loan originations record and has surpassed $200 million in Auto Loan Portfolio balances.
Axis set a new daily auto loan origination record of $2.1 million, resulting in the Company’s total auto loan portfolio exceeding $200 million for the first time since its inception.
“The ability to originate such loan volumes showcases the strength of our technology platform as well as the hard work and dedication of our entire team,” said Ilja Troitschanski, President of Axis. “We expect innovation to continue accelerating loan origination and market share growth for years to come.”
Axis continues rapid portfolio growth despite recent inventory challenges in the used car market. Auto loan balances topped $200 million in Q3 fiscal 2022 and based on record-breaking application volumes Axis expects to see additional increases. The Company’s coast-to-coast dealer network has been expanded to over 2,000 dealers allowing Axis to continue winning market share.
“Surpassing $200 million is an important milestone,” said Todd Hudson, CEO of Axis, “Having grown our portfolio through the pandemic, we are confident in the ability to continue expanding as Canada puts Covid in the rear-view mirror.”
About Axis Auto Finance
Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and get the car delivered to their home. In addition, the company continues to grow B2B non-prime auto loan originations by delivering innovative technology solutions and superior service to its Dealer Partner Network. All Axis auto loans report to Equifax, resulting in over 70% of customers seeing a significant improvement of their credit scores. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.
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Axis Auto Finance Inc.