Westlake Financial and Nowcom Corp. say that their new strategic partnership with Source One Financial Corp. allows Westlake expansion to continue in what they say is a large and growing Canadian non-prime automotive finance market.
Through the partnership, Westlake will provide backing for Source One to originate and service loans to near-prime customers in Canada.
The companies note that those loans will be originated under the Source One brand, and the parties will share profits.
As for Nowcom, it plans for its technology and its credit adjudication tool to improve origination efficiency for auto dealers working with Source One.
“We are very excited about our partnership with Source One and our continued expansion in Canada,” group president of Westlake Technology Holdings Ian Anderson said in a news release.
Anderson continued, “We have seen growth with our initial entrance into Canada and we believe Source One will enhance that by opening doors to more dealers and their customers. We look forward to growing our business together.”
“Source One’s leading position in the Canadian non-prime automotive finance sector and Westlake Financial’s expertise and experience in the American market make our partnership a clear win-win,” said Source One Financial Corp. president and chief executive officer Tim Tremain.
He added, “We are optimistic that this partnership will offer strong support for our business and start a long, prosperous relationship between our two companies.”