Exeter partners with Pagaya to leverage AI tools
Exeter Finance now is leveraging artificial intelligence from Pagaya Technologies to boost underwriting, funding and working relationships with more than 13,000 dealerships in its financing network that often book non-prime paper.
By integrating Pagaya’s AI-driven auto product, which includes access to fully automated credit-decisioning technology and real-time funding of contracts originated, Exeter can help dealerships in its network sell more vehicles, without taking on incremental risk.
“We’re excited to leverage Pagaya’s AI technology and lending network to serve our dealer partners nationwide,” Exeter president and COO Brad Martin said in a news release from Pagaya announcing this week’s partnership deployment.
“In an increasingly competitive credit market, this partnership will help our dealers sell more new and used vehicles and facilitate more real-time seamless customer experiences,” Martin continued.
This is the 29th partner to join Pagaya’s AI-driven network, bringing the company another step closer to its medium-term target of $25 billion in annual volume.
“We are thrilled to partner with Exeter as we continue to expand our auto lending product to leading auto finance companies and captive lenders. With the addition of Exeter, our 2023 cohort of new lending partners is expected to contribute 15-20% of Pagaya’s total network volume in the next three years,” Pagaya co-founder and CEO Gal Krubiner said.
“In today’s environment, Pagaya’s tech-enabled lending product offerings allow our auto partners to approve more customers and scale their businesses more rapidly and efficiently. As our business accelerates, we remain focused on expanding our product suite in order to continue helping our partners serve their customers,” Krubiner went on to say.