Pagaya Technologies Ltd. (NASDAQ: PGY), a global AI-driven technology company specializing in financial solutions, has revealed a strategic partnership with Exeter Finance, a leading auto finance company catering to over a million customers across a network of 13,000 dealerships.
The collaboration enables Exeter to integrate Pagaya's AI-powered auto product, featuring automated credit decisioning technology and real-time funding for originated loans. By leveraging these tools, Exeter aims to assist auto dealerships within its network in selling more vehicles without taking on additional risk.
Brad Martin, President and COO of Exeter, expressed enthusiasm about the partnership, stating, “We’re excited to leverage Pagaya’s AI technology and lending network to serve our dealer partners nationwide. 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.”
Pagaya's Co-Founder and CEO, Gal Krubiner, echoed the sentiment, saying, “We are thrilled to partner with Exeter as we continue to expand our auto lending product to leading auto finance companies and captive lenders. With the addition of Exeter, our 2023 cohort of new lending partners is expected to contribute 15-20% of Pagaya’s total network volume in the next three years.”
Krubiner emphasized the significance of Pagaya’s tech-enabled lending products in the current environment, allowing auto partners to efficiently approve more customers and scale their businesses. As Pagaya accelerates its business, the company remains committed to expanding its product suite to further support its partners in serving their customers.
This collaboration marks Pagaya's 29th partner within its AI-driven lending network, bringing the company closer to its medium-term target of achieving $25 billion in annual volume.
About Pagaya Technologies
Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and a sophisticated AI-driven approach, Pagaya provides comprehensive consumer credit and residential real estate products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. Pagaya has offices in New York and Tel Aviv.
About Exeter Finance
Exeter Finance LLC is an indirect auto finance company headquartered in Irving, Texas. Founded in 2006, the company underwrites, purchases, services, and securitizes retail installment contracts from U.S. automobile dealers. Exeter works with over 13,000 dealers and over 500,000 customers nationwide, providing indirect financing for new and used vehicles. The company has a serviced portfolio of over $9.4 billion.
