Axis Announces $18 Million in Originations in Q1 F2019 and Expansion into Western Canada
Nov 15, 2018, 08:00 ET
TORONTO, Nov. 15, 2018 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXIS) Canada's fastest-growing, publicly-traded, sub-prime automotive finance company, announced record quarterly originations of $18.2 million for the quarter ended September 30, 2018. Axis also expanded operations into Western Canada by opening an office in Edmonton, Alberta.
Axis originated $18.2 million in finance receivables for the period from July through September, compared to $4.9 million in the same period last year, prior to completing two acquisitions in early 2018.
"Realizing operating synergies within the legacy platforms allowed us to drive record originations," said Todd Hudson, CEO of Axis. "Strong portfolio growth translates into solid revenue numbers which allow us to deliver results expected by our shareholders," he added.
Average IRR on new origination for Q1 F2019 was 32%, which was above management expectations.
Expansion into Western Canada
Axis has opened an office in Edmonton to service the Western Canadian provinces.
"Western Canada is an important growth market for us, one that we consider currently underserviced," said Ilja Troitschanski, President of Axis. "The Western Canadian expansion is an important step towards Axis' stated goal of achieving a national presence," he added.
About Axis Auto Finance
Axis provides non-standard financing options targeting roughly 30% of Canadians (Source: Equifax) that do not qualify for traditional bank-type financing for their used vehicle purchase. Through personalized service and a commitment to building strong, long-lasting relationships with dealer partners, Axis continues to be one of Canada's fastest-growing auto-financing companies.
Further information on the Company can be found at www.axisautofinance.com.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Axis Auto Finance Inc.
For further information: Axis Auto Finance Inc., Ilja Troitschanski, President, (416) 633-5626, [email protected]