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.