New collaboration helps the auto lender establish more profitable dealer relationships
ATLANTA, Aug. 22, 2017 /PRNewswire/ -- Equifax Inc. (NYSE: EFX), a global information solutions company, today announced that Westlake Financial, a privately held financial company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts, has agreed to use its dealer intelligence platform, TradeSight®, to manage and monitor its dealer relationships.
TradeSight helps lenders analyze originations, current and future dealer partners and performance of the loans booked through dealer partners. It works by combining Equifax consumer credit information with dealer and vehicle data from third-party data sources to enable Westlake and other auto finance companies to assess their dealer network and establish peer benchmarks to help evaluate dealers credit risk.
"We're happy to use this new product to help us drive well-informed business decisions and develop and adjust strategies so we can more accurately understand the performance and behavior of our dealership network," said Ian Anderson, Group President, Westlake Financial. "Since TradeSight comes with detailed loan-level data and four years of history, Westlake was able to benchmark ourselves against our various competitors and adjust our go-to-market strategy as a result."
Equifax delivers a powerful combination of data via TradeSight, including dealership names, firmagraphic information, purchased vehicle details and vehicle values, loan structure characteristics, including annual percentage rate, term, loan-to-value and loan performance metrics. Additionally, the product provides pre-configured lender categories such as bank, captive, credit union, independent auto finance lenders, Buy Here Pay Here information and more.
"By providing comprehensive analytics from a single platform, TradeSight will help Westlake Financial continue to compete at a high level and establish even stronger relationships with dealers in order to profitably grow their portfolio," said Lou Loquasto, vice president, auto finance and dealer vertical.
TradeSight differs from other products in the marketplace in that it merges all of the data into a single platform, which can be used by auto finance lenders to monitor market share, loan/lease structure, vehicles purchased, the selling dealership and how the paper performs.
Equifax is a global information solutions company that uses trusted unique data, innovative analytics, technology and industry expertise to power organizations and individuals around the world by transforming knowledge into insights that help make more informed business and personal decisions. The company organizes, assimilates and analyzes data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers.
Headquartered in Atlanta, Ga., Equifax operates or has investments in 24 countries in North America, Central and South America, Europe and the Asia Pacific region. It is a member of Standard & Poor's (S&P) 500® Index, and its common stock is traded on the New York Stock Exchange (NYSE) under the symbol EFX. Equifax employs approximately 9,900 employees worldwide.
Some noteworthy achievements for the company include: Named to the Top 100 American Banker FinTech Forward list (2015-2016); named a Top Technology Provider on the FinTech 100 list (2004-2016); named an InformationWeek Elite 100 Winner (2014-2015); named a Top Workplace by Atlanta Journal Constitution (2013-2017); named one of Fortune's World's Most Admired Companies (2011-2015); named one of Forbes' World's 100 Most Innovative Companies (2015-2017). For more information, visit www.equifax.com.
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SOURCE Equifax Inc.
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