Pagaya Technologies Ltd. has announced a partnership with Westlake Financial, originating indirect automotive retail installment contracts through a nationwide network of new and used auto dealers. With this expansive partnership, Westlake's dealer partners - which include the nation's top two dealer groups based on originations - and their entire suite of ~14,000 franchise dealers will have access to Pagaya's credit-decisioning technology product. By tapping into Pagaya's innovative tech-enabled credit-analysis platform, the partnership with Westlake will facilitate smarter, more empowered credit decisions that will elevate the car-buying experience, creating more loans for more customers.

The announced partnership is born out of a successful 2021 pilot program designed to expand access to auto financing for consumers of two of the country's most well-known auto retailers, focused on providing increased access to auto financing for everyday consumers. Pagaya's auto partners have the ability to make credit decisions quicker and more accurately, expanding their existing product offering while improving the customer experience, and ultimately converting more car purchases. Additionally, because Pagaya operates on a fully pre-funded model, with capital raised before loans are originated, Pagaya's auto financing partners are able to approve more loans without using their own balance sheets.