Agora Data broadens dealer funding program with eyes on near-prime consumers
Images courtesy of the company.
By subscribing, you agree to receive communications from Auto Remarketing and our partners in accordance with our Privacy Policy. We may share your information with select partners and sponsors who may contact you about their products and services. You may unsubscribe at any time.
As TransUnion highlighted that originations in that segment already are on the rise, Agora Data this week expanded its dealer funding program to help dealerships better serve near-prime customers, including those with FICO scores of 660 and below.
The fintech company providing capital, technology, and portfolio solutions for the automotive industry said its program now offers annual percentage rates as low as 13.99% and net advances up to 97%, with a path for dealers to earn additional loan profit.
Agora Data explained dealers now have funding options for both subprime and near-prime customers. The company noted this wider credit coverage creates more opportunities for dealers to structure transactions that meet customers’ needs while supporting the long-term performance of their portfolios.
Agora Data executive vice president and head of sales Jeremy Beck said that for dealers, the impact of the revamped program is straightforward.
Beck pointed out that more deals, competitive rates, higher advances, and broader credit coverage can provide dealers with greater flexibility to serve more customers, sell and fund more vehicles, and put their capital to work more effectively.
“Adding credit coverage to include near-prime customers came straight from conversations with our dealers. We listened and are now able to provide funding options for dealers to say yes to more customers and more sales,” Beck said in a news release.
Subscribe to Auto Remarketing to stay informed and stay ahead.
By subscribing, you agree to receive communications from Auto Remarketing and our partners in accordance with our Privacy Policy. We may share your information with select partners and sponsors who may contact you about their products and services. You may unsubscribe at any time.
“By expanding our program into near-prime, while offering more competitive rates and higher advances, we’re giving dealers greater flexibility to serve a broader spectrum of customers, sell and fund more vehicles, and build stronger performing portfolios,” he went on to say.
Beck is talking about the industry in another way as Agora Data recently launched a podcast.
Hosted by CEO Steve Burke and Beck, Agora Data rolled out what it titled, Beyond the Metal
In the debut episode, the two automotive veterans look past the vehicle itself to examine the forces increasingly shaping dealership success, including profitability, auto financing, technology, customer relationships, data, and the rapidly changing automotive marketplace.
Watch the full podcast episode below.
