New collaboration helps the auto lender establish more profitable dealer relationships
Equifax Inc. announced that Westlake Financial, a privately held financial company which 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.
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.
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.
Source: Equifax Press Release
