Axis Auto Finance

Axis Auto Finance Inc. operates as a financial technology company in Canada, focusing on the alternative used vehicle financing market. The company was founded in 2012 by Ilja Troitschanski, who envisioned applying modern financial technology to the traditionally fragmented used vehicle retail sector. Mr. Troitschanski, with a background in financial consulting and raising capital for early-stage companies, has guided the company's growth. He is joined by CEO Todd Hudson, who brought over 25 years of experience in the Canadian alternative lending industry when he joined in 2018, having previously held senior roles at ECN Capital and Element Financial Corporation.

The company's primary business involves providing financing options for consumers with non-prime credit scores, a demographic that comprises roughly 30% of Canadians and often does not qualify for traditional bank financing for used vehicle purchases. Axis Auto Finance generates revenue through its automotive lending and equipment financing segments. It operates through two main channels: a business-to-business (B2B) network of over 1,200 automotive dealer partners across Canada and a direct-to-consumer (D2C) online portal, DriveAxis.ca. The dealer network allows for indirect loan originations, while the DriveAxis.ca platform enables customers to select a used vehicle, customize financing terms, and arrange for home delivery. A key feature is that all auto loans are reported to Equifax, which has resulted in over 70% of customers seeing an improvement in their credit scores.

Significant milestones in the company's history include the acquisitions of Cars on Credit in February 2018 and Trend Financial Corp. in March 2018, which substantially increased the company's portfolio of net finance assets. The firm has also secured post-IPO funding, including a notable $15 million round in October 2021. However, in late 2024, Axis Auto Finance completed the sale of its auto finance business for approximately $78 million. The proceeds were designated for repaying senior debt and funding redemption payments, and it was anticipated that the company would be delisted from the Toronto Stock Exchange.

Keywords: auto finance, non-prime lending, used vehicle financing, consumer finance, financial technology, automotive lending, sub-prime auto loans, equipment financing, direct-to-consumer auto sales, dealer partner network, credit rebuilding, Canadian auto finance, vehicle loans, DriveAxis.ca, Ilja Troitschanski, Todd Hudson, alternative lending, auto loan origination, vehicle financing solutions, asset-backed lending