Agora Data now has more financial fuel to maintain its energetic pace of providing independent dealers and finance companies precision performance analytics and access to ample, affordable capital.
The fintech company announced this week that it closed a $100 million revolving credit facility with Credit Suisse Group AG.
This latest transaction facility allows Agora Data to accelerate and expand its ability to deliver efficient capital to contract originators who offer in-house financing solutions for non-prime vehicle buyers.
“This $100 million credit facility adds to Agora’s other capital strategies and is the latest of many strategic steps that support the expansion of our core mission to provide highly accurate loan performance data and low-cost capital to auto dealers who serve the non-prime buyer,” Agora Data CEO Steve Burke said.
The new $100 million credit facility marks another milestone in Agora Data’s growth trajectory.
The company closed its first crowdsourced auto securitization in late 2020, ushering in a new way to provide independent dealers access to capital markets financing.
Since then, Agora Data has closed multiple crowdsourced securitizations using its proprietary artificial intelligence and machine learning algorithms.
With patent-pending modeling, Agora Data can aggregate independent dealers and finance companies with portfolios ranging from $100,000 to more than $60 million into a single securitization.
“Access to fair, competitively priced capital has been a challenge for auto dealers that offer in-house financing across the U.S.,” the company said. Before Agora, dealers were highly reliant on financing with high-interest rates, restrictions, and personal guarantees.
“Agora Data provides auto dealers with competitive and abundant financing and resources, such as advanced AI/ML modeling, that helps them construct their loan portfolios with high predictability and improved performance,” the company went on to say. “This transformative fintech approach enables auto dealers to safely grow their business and offer improved lending terms to non-prime customers.”
Agora Data recently rolled out another tool for buy-here, pay-here dealers to get the financial resources they need to compete with well-capitalized competitors.
The company that previously launched the first crowdsourced securitization for the BHPH industry recently launches another financing innovation with what Agora Data said is first-ever reducing interest rate line of credit.
Agora Data explained this new product offers unlimited borrowing capacity, the lowest interest rates and the highest advances. The company also said the product provides BHPH dealers and small to mid-size finance companies the ability to exponentially grow and compete.
The company said its “game-changing approach” to funding addresses an immediate need in the marketplace and allows entrepreneurs to access the same borrowing advantages as “mega-sized” dealers.
Agora Data acknowledged the BHPH operators have traditionally struggled to obtain capital at affordable interest rates.
With AgoraCapital’s reducing rate line of credit, dealers can benefit from the interest savings and generous advances as soon as approved. Over time, interest rates decrease while other advantages increase, such as no personal guaranty or recourse, flexibility to draw cash as needed as well as no origination or unused line fees.
AgoraCapital is designed to support revenue-generating functions and empower dealers to better manage their portfolios, operate with confidence, and gain market share.
“Agora is already making a positive difference for the BHPH industry by helping our members strengthen their financial footing and realize unprecedented growth, knowledge, ability to compete and ultimately build wealth,” Agora Data chief executive officer Steve Burke said in a news release.
“With AgoraCapital, we remove the obstacles dealers confront in traditional lines of credit and empower them with the same secret sauce enjoyed by larger national dealer groups,” Burke continued. “Agora’s innovative, best-in-class financing options and robust data analytics is leveling the playing field for an underserved and underbanked industry.”
For more information, visit agoradata.com or call (877) 592-4672.
Perhaps triggered by the college basketball tournaments near their climax and Major League Baseball getting set for its season, Agora Data has outlined a competition where buy-here, pay-here could land $1,000.
According to a news release, Agora Data issued a challenge to commercial lenders providing credit lines to BHPH dealers. The challenge consists of a checklist for BHPH dealers and smaller finance companies to compare their current line of credit to AgoraCapital.
If a dealer can get its lender to match all the terms of AgoraCapital, Agora Data said it will offer its congratulations and send the dealer a check for $1,000.
The company explained specifics for the Agora Lender Challenge include lowering current interest rates, eliminating monthly borrowing base true-ups, removing burdensome financial restrictions and obtaining a wealth of services (free of charge) to help support and plan for growth.
After taking the Agora Lender Challenge, dealers are encouraged to contact Agora Data and explore all financing options that best align with their business and personal goals.
Dealers can find the Agora Lender Challenge details and checklist at www.agoralenderchallenge.com.
The company also mentioned dealers in good standing with their current lender are automatically eligible to refinance their line of credit with AgoraCapital at a reduced interest rate and receive a commitment to triple their borrowing capacity.
New dealers wanting to accelerate their portfolio can get started with various robust and low-cost financing options, according to Agora Data.
“Agora Data is changing the dynamic between dealers and lenders and issuing a challenge that gives dealers the power to identify the best financing options that support business goals and needs,” Agora Data chief executive officer Steve Burke said in the news release.
“The market has known for some time that financing innovation for BHPH dealers is long overdue, and with our AgoraCapital program, we have successfully removed the obstacles that previously hampered growth and profitability,” Burke continued.
“Agora Data is addressing barriers by providing BHPH dealers access to capital markets to help fuel their growth,” Burke went on to say. “Dealers to stop working for your lenders and start working for yourself.”
The Agora Lender Challenge follows Agora Data’s successful execution of what it believes to be the industry’s first-ever crowdsourced auto loan securitization on Dec. 29.
In addition, Agora Data recently announced its latest product offering, AgoraCredit, which is designed to transition dealers from their current senior lender into interim credit lines that work in harmony with the AgoraCapital securitization program.
Beyond access to AgoraCredit and AgoraCapital, Agora Data members connected to the platform also can receive free of charge additional insights and analytics to better understand their portfolio’s performance enabling dealers to make more informed business decisions as well as numerous other tools and services to help ensure success.
For more information, contact Agora Data at (877) 592-4672 or agoradata.com.
