Axis Auto Finance originated $1 million in new loans in a single day.
The milestone, which took place at the end of September, was a single-day originations record for the company.
The record highlights the culmination of 12 months of integration and sales platform build-out at Axis, the company said.
In addition to allowing the origination of loans across Canada, Axis said that through its platform, automotive dealers can convert up to three times more applications into loans than their competition.
“It’s great to see our efforts over the last year reflected in record origination numbers,” Axis chief executive officer Todd Hudson said in a news release.
Hudson continued, “We look forward to continuous portfolio expansion and the resulting revenue growth.”
Axis, which describes itself as Canada’s fastest-growing publicly traded alternative automotive finance company, also announced on Oct. 23 the launch of originations for Westlake Financial Services.
Through its partnership with Westlake, Axis said it can expand its credit product offering to cover the entire non-prime auto finance spectrum.
Through the partnership, Axis originates and services loans to near-prime customers in Canada on behalf of Westlake. The loans are originated under the Axis brand, and the parties share the profits.
“The Westlake partnership allows Axis to offer an unparalleled breadth of credit products in the Canadian non-prime auto market,” said Axis president Ilja Troitschanski.
Troitschanski added, “Together with superior technology, we are now able to bring he Axis program into significantly more dealerships across the country.”