TORONTO, Oct. 20, 2016 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXS) a non-prime lender servicing the Canadian used vehicle market, announced today that the last two completed calendar quarters saw lease originations topping $5 million per quarter.
Axis originated $10.6 million in lease receivables for the period from April through September 2016, compared to $5.5 million in the same period in 2015. On a year-over-year basis this equated to a 93% growth rate.
The origination growth came primarily from deeper penetration of the Greater Toronto Area ("GTA") market and acquisition of new dealer relationships beyond the GTA. Axis was able to both: expand the dealer network as well as increase the number of lease contracts it originates per dealership.
Currently, Axis services roughly 200 used car dealerships out of approximately 1,800 (Source: Used Cars Dealers Association) located in the GTA.
"We have promised significant, sustainable growth to our stakeholders and these numbers certainly show that we are delivering on that promise" said Ilja Troitschanski, CEO of Axis. "Strong portfolio growth positions us well to generate solid revenue numbers and deliver the results expected by our shareholders" 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.ca.
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.
Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in the Company's filings with the Canadian securities regulators, available at www.sedar.com.
SOURCE Axis Auto Finance Inc.
For further information: Axis Auto Finance, Ilja Troitschanski, CEO, (416) 633-5626, [email protected]