Pagaya Technologies announced it has partnered with auto finance company Exeter Finance to help dealers in its network sell more vehicles without taking on incremental risk.
The New York-based technology company said Exeter, with a national network of more than 13,000 dealers, will integrate its AI-driven auto product, giving it access to fully automated credit decision-making technology and real-time funding of loans originated.
“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,” Exeter CEO Brad Martin said in a statement.
Pagaya noted that Exeter is the 29th partner to join it AI-driven lending network, taking the company closer to its medium-term target of $25 billion in annual volume. With the addition of Exeter, its 2023 cohort of new lending partners is expected to contribute 15% to 20% of total network volume in the next three years,
“Pagaya’s tech-enabled lending product offerings allow our auto partners to approve more customers and scale their businesses more rapidly and efficiently,” Pagaya CEO Gal Krubiner said.
“As our business accelerates, we remain focused on expanding our product suite in order to continue helping our partners serve their customers.”
Pagaya’s shares were up 2% at $1.26 by midday in New York.