LOS ANGELES–(BUSINESS WIRE)–In the ever-evolving landscape of auto finance, Westlake Financial is setting the pace. Every day Westlake’s Visorbot, a proprietary AI and machine learning tool, astoundingly computes 800,000 applications. In a single month, that amounts to 24 million loan computes.
Among these applications, approximately 50,000 contracts are funded each month, representing 0.2% of total application computes. This highlights the untapped potential for portfolio expansion by an astonishing $480 billion every month. “It is, without doubt, an unparalleled opportunity we must seize,“ stated Mark Vazquez, SVP of Sales with Westlake Financial. “This is the power of technology harnessed with strategic intent.”
Visorbot is an extraordinary innovation meticulously analyzing this data, aiding Westlake Financial in making astute, data-driven decisions. The benefits are apparent in improved risk management and continual strategy enhancement. The resulting portfolio? A collection of 1.3 million accounts, amounting to an impressive $18 billion.
The evolution, however, doesn’t stop here. “Visorbot continues to learn from the ever-growing dataset, increasing efficiency, profitability, and market share. It’s the kind of relentless progress and innovation that we value,” advised Chris Urban, SVP of Risk.
Westlake Financial is a pacesetter and innovator within the auto finance industry. Through the strategic application of AI, embodied in Visorbot, Westlake is shaping the future of auto financing. To learn more about Westlake, visit https://www.westlakefinancial.com for more information.
About Westlake Technology Holdings: Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $15 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and power sports dealers. Westlake also offers credit facilities and commercial real estate loans through Westlake Capital Finance (WCF); portfolio servicing through Westlake Portfolio Management (WPM); 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 installment loans are offered through Westlake’s wholly-owned subsidiary LoanCenter, www.loancenter.com.
Contacts
David Goff, VP, Marketing
Email: dgoff@westlakefinancial.com
