LOS ANGELES--(BUSINESS WIRE)--Westlake Financial (“Westlake”) and Nowcom Corporation (“Nowcom”) are pleased to announce a strategic partnership with Source One Financial Corp. (“Source One”), which enables Westlake to continue expanding in the large and growing Canadian non-prime automotive finance market.
“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 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.”
Westlake will provide backing for Source One to originate and service loans to near-prime customers in Canada. All these loans will be originated under the Source One brand, with profits shared between parties. Nowcom will provide leading-edge technology and their credit adjudication tool to enhance and improve origination efficiency in auto dealers working with Source One.
“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 Tim Tremain, President and CEO of Source One Financial Corp. “We are optimistic that this partnership will offer strong support for our business and start a long, prosperous relationship between our two companies,” he added.
Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles. Currently the largest privately-held lender in auto finance, Westlake has approximately $10.22 billion in assets under management. Major 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 auto and finance technology company headquartered in Los Angeles, CA with approximately $10.22 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities and portfolio servicing through its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer title loans are offered through Westlake’s wholly owned subsidiary Loan Center, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.
About Nowcom
Nowcom Corporation is a technology company developing technology solutions for the automotive and financial services verticals. Nowcom is one of seven companies within The Hankey Group (US$10 billion in assets) and based in Los Angeles, CA. Nowcom not only provides technology for all the Hankey group of companies including Westlake but also provides industry leading software to auto dealerships through its flagship product DealerCenter (Dealer Management System) and patented IMaxx technology. Nowcom also developed first-of-its-kind, fully automated finance decision websites like Carzing.com and powers up dealers’ websites in the country with the same finance engine like BuyMcar.com. Nowcom has vast experience and the right resources to bring products from ideation to market quickly and efficiently.
About Source One Finance Corp.
Source One Financial Corp. offers a sound automotive finance program geared to “B” through “D” level credit customers and assisting automotive dealers in the growing financial need of the subprime market. Source One offers credit solutions to the portion of the population challenged in obtaining automotive financing. Dealers sell more vehicles and increase profits.
There are 4 tiers of financing offered at Source One which are dependent on a customer’s credit profile. Source One Financial offers fast, professional and dedicated credit decisions, turnaround times with easy access to a credit adjudicator to support your special finance or subprime manager.
