TORONTO, Oct. 8, 2020 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXIS) Canada's fastest growing publicly-traded alternative automotive finance company, today announced that it has set a sales record by originating $1.75 million in new loans in a single day.
The record setting day occurred on September 30, 2020 and represents a 75% increase to the previous single day record set a year ago. This achievement underscores the scalability of the Axis platform that utilizes leading-edge technology tools to allow automotive dealers to convert more applications into loans faster.
"It's good to see the used car market rebound strongly after the COVID-19 shutdowns," commented Ilja Troitschanski, President of Axis. "We continue to expand our dealer network and are seeing significant sales growth across the country," he added.
Lesley Gallinger appointed to the Axis Board of Directors
Lesley Gallinger is the President and CEO of Elexicon Energy ("Elexicon"). Based in Ajax, Elexicon is the 4th largest municipally owned Local Distribution Company in Ontario. Elexicon services 170,000 electricity customers in Pickering, Ajax, Whitby, Clarington, Belleville, Gravenhurst and surrounding communities.
Prior to joining Elexicon in 2019, Ms. Gallinger was the Chief Strategy and Financial Officer for the Electrical Safety Authority. Earlier in her career, Ms. Gallinger served as CFO in other energy and pharmaceutical organizations. She is active in the industry and currently serves as a Director and Committee Chair for several energy organizations.
Ms. Gallinger has a B.A. from York University and an M.B.A. from the Schulich School of Business. She also holds a CPA (CMA), and CPA (Illinois). She received both the Chartered Director and Audit Committee certifications from The Director's College (McMaster University).
"We are very pleased to welcome Ms. Gallinger to the Axis Board," said Todd Hudson, CEO of Axis. "Her leadership experience will help guide Axis for years to come and her breadth of fiscal expertise brings depth to the Audit Committee," he added.
Ms. Gallinger's appointment is subject to customary TSX Venture approval. She is being granted 200,000 stock options an exercise price of $0.45 vesting over 24 months and expiring 7 years from the grant date. She will also receive part of her compensation in restricted share units ("RSUs") and is being granted $75,000 worth of RSUs at $0.45 vesting in annual installments over 36 months.
About Axis Auto Finance
Axis Auto Finance is a technology-driven provider of alternative used vehicle financing options servicing roughly 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in 71% of customers seeing a significant improvement of their credit scores. These clients use Axis as a stepping-stone in their credit rebuilding journey and we are proud to be improving the lives of these Canadians. Supported by state-of-the-art, in-house developed risk analytics, Axis continues to be Canada's fastest-growing publicly traded auto-financing company. Additional information on the Company can be found at https://www.axisfinancegroup.com/investors/.
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.
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