Axis auto loan portfolio exceeds $200 million
TORONTO–(BUSINESS WIRE)–Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a rapidly growing fintech company changing the way Canadians buy and finance used vehicles, announced today that it broke its record-breaking overnight loan origination and surpassed $200 million in auto loan portfolio balances.
Axis set a new daily auto loan record of $2.1 million, helping the company’s total auto loan portfolio exceed $200 million for the first time since its inception.
“The ability to generate such loan volumes showcases the strength of our technology platform and the hard work and dedication of our entire team,” said Ilja Troitschanski, President of Axis. “We expect innovation to continue to accelerate loan origination and market share growth in the years to come.”
Axis continues to grow its portfolio rapidly despite recent inventory issues in the used car market. Auto loan balances exceeded $200 million in the third quarter of fiscal 2022 and, based on record application volumes, Axis expects to see further increases. The company’s coast-to-coast dealer network has been expanded to more than 2,000 dealers, enabling Axis to continue to gain market share.
“Surpassing $200 million is a significant milestone,” said Axis CEO Todd Hudson, “Having expanded our portfolio during the pandemic, we are confident in our ability to continue our expansion as Canada puts Covid in the spotlight. mirror.”
About Axis Auto Finance
Axis is a fintech 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 have the car delivered to their doorstep. Additionally, the company continues to expand non-preferential B2B auto lending by providing innovative technology solutions and superior service to its network of dealer partners. All Axis auto loans are handled by Equifax, resulting in over 70% of customers seeing a significant improvement in their credit rating. Further information on the Company is available at https://www.axisfinancegroup.com/investors-press-releases/.
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