TORONTO, April 6, 2022 / CNW / – Axis Auto Finance Inc. (“Axis” or the “Company”) (TSXV: AXIS), is pleased to announce that, in effect at the time of the opening of trading on April 7, 2022, the common shares of the Company will be traded on the Toronto Stock Exchange with the symbol “AXIS”. Valid at the end of trading on April 6, 2022common stock will be delisted from the TSX Venture Exchange.
Business briefing: Technology-driven development
Axis is a fintech lender that is changing the way Canadians buy and finance used vehicles. Via directly to the consumer (“D2C“) portal, DriveAxis.ca, users can choose their next used vehicle, adjust the financing terms and pick up the car – from the comfort of their own home. In addition, the Company continues to develop non-primary B2B car loans by providing innovative technological solutions and superior service in the Network of Associate Representatives.
D2C – The Future of Car Retail
DriveAxis.ca was launched in late 2021 and is a fully digital e-commerce solution that transforms the used car buying experience. Customers have access to thousands of vehicles, can get instant approval for financing and deliver the car, all without leaving home.
As evidenced by the US market, digital retail is the next step in the evolution of the car market. Based on its successful launch Ontario Axis expects D2C loans to be a significant part of its portfolio in the future.
B2B companies continue to grow
Axis continues to set a record for the origin of loans through its network of partners from coast to coast of Canada. At the end of 2021, the rest of the car loan portfolio was at a record $ 197 million, recording an increase of 29% on an annual basis. Axis expects lending to continue to accelerate as well Canada exits the other restrictions for COVID.
Huge, extremely fragmented market
Used Car Retail is a $ 40+ Billion Market Canada with less than 1% e-commerce adoption. With 85% of retail transactions funded, there are plenty of organic growth and acquisition opportunities for Axis.
Budgetary power allows for continued growth
With $ 6 million in adjusted earnings for fiscal year 2021, Axis is a profitable fintech company. The company’s $ 120 million the recycling loan facility provides ample room for portfolio development and $ 15 million Westlake Financial’s equity investment was completed in November 2021 further strengthened the balance sheet.
About Axis Auto Finance
Axis is a financial technology company that is changing the way Canadians buy and finance used vehicles. Through the portal directly to consumers, DriveAxis.ca, customers can choose their next used vehicle, arrange financing and pick up the car at home. In addition, the company continues to develop non-core B2B car loans by providing innovative technology solutions and superior services to its Affiliate Network. All Axis car loans are listed on Equifax, with over 70% of customers seeing a significant improvement in their credit scores. More information about the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.
TSX Venture Exchange has not endorsed or rejected the contents of this press release. Neither Exchange nor its Regulatory Service Provider (as defined in Exchange policies) accept responsibility for the adequacy or accuracy of this version.
SOURCE Axis Auto Finance Inc.
View original content for media downloads: http://www.newswire.ca/en/releases/archive/April2022/06/c0800.html