A dealership chain specializing in subprime leasing now has a captive-like relationship with one of the market’s larger finance companies to serve customers who would rather make a purchase through a vehicle installment contract.
On Thursday, Westlake Financial Services and CARite announced a strategic partnership to offer financing, dealer support and other services across CARite’s growing nationwide network of dealerships. With the partnership, Westlake will become the leading provider of retail installment contract financing for subprime and near-prime customers at CARite branded dealerships.
“Westlake’s offerings perfectly complement CARite’s existing leasing platform,” CARite chief operating officer Mike Cavanaugh said. “As a lending partner they understand the value of our business model and have developed a program designed with our customers in mind. Their efforts have resulted in a six-fold increase in originated contracts since our pilot with them began.
“Over the same period of time our captive leasing business has grown significantly as well,” Cavanaugh continued. “We are very proud of the partnership we have developed with Westlake and trust that the alignment of our goals will help both organizations continue to grow in the years ahead.”
Westlake president Ian Anderson, a previous recipient of the Subprime Auto Finance Executive of the Year Award given during Used Car Week added, “CARite has proven to be a great partner for us. While CARite delivers many vehicles through their captive leasing company, some customers simply prefer to buy. “Our product allows CARite dealerships to provide their customers with a great option to purchase a vehicle outright.
“With a professionally branded dealer network following standard processes they’ve given us the confidence we need to create a custom advance program that works well for everyone involved,” Anderson went on to say. “We’re thrilled with the results so far and we’re excited to grow our relationship as the CARite network expands.”