Tap the Brakes in Indirect Auto, Praxis Says
It’s not the best time to ramp up in indirect auto business as a lender, according to Daniel Parry, chief executive and co-founder of Praxis Finance Corp.
“Right now, if you wanted to step on the gas in indirect auto — at the top of the cycle when it’s really frothy, credit is just starting to deteriorate — it might be the wrong time,” he said last week at AFI16. “However, it’s a great time to do partner relationships with other companies where you can get exclusivity.”
Integrated Fintech, a strategic consulting firm and sister company to Praxis, announced a partnership with defi Solutions and First Access Funding Corp. last week, to help First Access integrate a customized credit program
backed by analytics, according to a company press release.
“Over time, knowing analytics, what you get out of an average credit score will change, depending on the market — nothing is static, it’s a moving target,” Parry said.
