Enter Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
LOS ANGELES – (BUSINESS WIRE) – Westlake Financial (“West Lake“) and Nowcom Corporation (“Nowcom“) are pleased to announce a strategic partnership with Source One Financial Corp. (“Source 1“), Allowing Westlake to continue to expand into the large and growing Canadian market for non-senior auto finance.
This press release features multimedia. See the full version here: https://www.businesswire.com/news/home/2020102005437/en/
“We are very excited about our partnership with Source One and our continued expansion in Canada,” said Ian Anderson, Group President of Westlake Technology Holdings. “We have seen growth with our initial entry into Canada and we believe Source One will improve that by opening the doors to more dealers and their customers. We are looking forward to developing our business together.
Westlake will provide support to Source One in the granting and servicing of loans to near-privileged clients in Canada. All of these loans will come from the Source One brand, with benefits shared between the parties. Nowcom will provide cutting-edge technology and its credit scoring tool to improve and improve the efficiency of origination at auto dealerships working with Source One.
“Source One’s leadership position in the Canadian non-privileged auto finance industry and Westlake Financial‘s expertise and experience in the US market make our partnership a win-win partnership,” said Tim Tremain, President and CEO of Source One Financial Corp. “We are optimistic that this partnership will provide strong support to our business and begin a long and successful relationship between our two companies,” he added.
Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles. Currently the largest private auto finance lender, Westlake has approximately $ 10.22 billion in assets under management. The main subsidiaries include Western Funding, Wilshire Consumer Credit, Westlake Flooring, Credit Union Leasing of America, Westlake Capital Finance and Westlake Portfolio Management.
About Westlake Technology Holdings
Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, California with approximately $ 10.22 billion in assets under management. Westlake Financial (“Westlake”) is the originator of indirect retail automobile payment contracts through a nationwide network of new and used auto and powersports dealerships. Westlake also offers loan portfolio purchases, credit facilities and portfolio services through its ALPS (Advanced Lending & Portfolio Services) division, www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; the shared cash flow auto loan through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); Dealer leads and direct-to-consumer auto loans are offered by Westlake Direct; consumer securities loans are offered through Westlake’s wholly owned subsidiary, Loan Center, www.loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.
Nowcom Corporation is a technology company that develops technology solutions for the automotive and financial services verticals. Nowcom is one of the seven companies in Hankey Group ($ 10 billion in assets) and headquartered in Los Angeles, California. Nowcom not only supplies the technology to all Hankey business groups, including Westlake, but also provides cutting-edge software to car dealerships through its flagship product. Dealer Center (Dealer Management System) and patented IMaxx technology. Nowcom has also developed fully automated and one-of-a-kind financial decision-making websites, such as Carzing.com and powers dealer websites around the country with the same financial engine as BuyMcar.com. Nowcom has extensive experience and the right resources to bring Ideation products to market quickly and efficiently.
About Source One Finance Corp.
Source One Financial Corp. offers a strong auto finance program for level “B” to “D” credit customers and helps auto dealers meet the growing financial needs of the subprime market. Source One offers credit solutions to the part of the population who have difficulty obtaining auto financing. Dealers sell more vehicles and increase their profits.
There are 4 funding levels offered at Source One that depend on the customer’s credit profile. Source One Financial offers fast, professional and dedicated credit decisions, turnaround times with easy access to a credit arbitrator to support your special finance or subprime manager.
Westlake Technology Holdings
Vice President of Marketing
President (323) 842-2081
Source: Westlake Financial