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Nowcom

nowcom.com

Founded Year

1988

Stage

Merger | Merged

About Nowcom

Nowcom is a technology company, developing technology solutions for the automotive and financial services verticals. On February 16th, 2021, Nowcom merged with Westlake Financial Services to form NowLake Technology.

Headquarters Location

4751 Wilshire Boulevard

Los Angeles, California, 90010,

United States

323-746-6888

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Nowcom Patents

Nowcom has filed 5 patents.

The 3 most popular patent topics include:

  • Banking
  • Credit
  • Fictional businesspeople
patents chart

Application Date

Grant Date

Title

Related Topics

Status

10/21/2011

10/15/2013

International taxation, Financial transaction tax, Payment systems, Mathematical optimization, Transfer tax

Grant

Application Date

10/21/2011

Grant Date

10/15/2013

Title

Related Topics

International taxation, Financial transaction tax, Payment systems, Mathematical optimization, Transfer tax

Status

Grant

Latest Nowcom News

Los angeles New iphone has an impractical fool around with

Apr 24, 2022

Adotas By ??? Scope #31 | Nowlake (Westlake) From inside the , Nowlake Technology is actually recently centered, becoming the fresh new parent organization away from Westlake Properties, hence operates a beneficial used-car financing business regarding the U.S., and you will Nowcom, and this increases and you may deal possibilities to possess vehicles traders or any other auto finance-associated activities. Certainly one of automobile people, a proprietor off a fruit cellphone are a lower borrowing chance to own vehicles financial institutions than you aren’t an android-built that. Some other understanding would be the fact those who purchase reddish trucks are riskier than beige auto consumers but you to have thought one to without having any help of phony cleverness crunching many study. The individuals are only two the brand new findings one to Westlake Monetary Characteristics has gleaned of the considering external and internal auto-financing and you will borrower research, and additionally exclusive research going back 30 years. These types of information keeps allowed the newest Los angeles-depending firm becoming the biggest supplier out of vehicle funding so you can independent car or truck dealerships and 5th biggest complete to own pre-possessed cars regarding You.S. When you find yourself a fragmented market, without single lender which have over good 10% share, it is a massive one with an effective $step 1.dos trillion put-auto loan harmony inside 2018. You to marketplace is quicker subject to monetary downturns too, while the owning an auto is vital in the most common of the U.S. to access works, bring your kids to school otherwise shop for food. Westlake, which has leveraged its technology eg using AI well before they turned the current buzzword efficiency and you will measure, provides racked right up a 40% return into collateral, twice most of their opponents, and you can 20%-along with annual development. It is slashed over costs, due to the fact a percentage of the treated financing collection, out of 11% during the 2008 to 2.7% now, while rivals are still several times one to. AI and you may machine training try concepts you pay attention to a great deal. We actually carry out routine her or him here. I bring highest categories of studies and you will train the design to help you do certain predictions having a forecast away from borrowing loss, and now we rate into you to, claims Westlake Classification President Ian Anderson. I look at https://carolinapaydayloans.org/ this study everyday to try make choices you to build the very winning organization otherwise tighten all of our the very least successful region of the team. The organization brings individual automobile financing 95% to own pre-possessed vehicle, along with a major subprime business of individuals which have less than perfect credit and you may financing to possess agent directory. Westlake’s level of individuals from the near finest and you may prime business of these with finest together with better borrowing from the bank was expanding. Moreover it packages car loans this got its start in itself, just like the asset-backed securities, and offers them to biggest institutional traders inside the billion-buck tranches. Last year, Tokyo-depending trading organization Marubeni Corporation took a great 20% risk (after increased in order to twenty four%) in Westlake, that is area of the Hankey Category. The latest Hankey family, led from the Westlake President Wear Hankey, owns 67% and you will team secure the leftover 9%. High-Technical Drives Performance Westlake vets money considering its own exclusive credit scoring and you will loan system, having its own analysis, some going back decades, or any other investigation away from third-cluster dealers, and Fico scores. Combined with a great petabyte out of inner analysis, that is many times regarding rivals, and you can pointers one rivals dont have a look at particularly operating ideas, the business approves about 95% of your own software they receives, Anderson claims. One program was made inside the house simply upstairs of Westlake’s headquarters. With over 700 employees regarding the U.S., Asia plus the Philippines, NOWCOM, an effective Westlake brother providers, arranged a different sort of dealer government application, DealerCenter, and this works a threat government program created by Westlake called the Buy System. SHARE

Nowcom Frequently Asked Questions (FAQ)

  • When was Nowcom founded?

    Nowcom was founded in 1988.

  • Where is Nowcom's headquarters?

    Nowcom's headquarters is located at 4751 Wilshire Boulevard, Los Angeles.

  • What is Nowcom's latest funding round?

    Nowcom's latest funding round is Merger.

  • Who are the investors of Nowcom?

    Investors of Nowcom include NowLake Technology.

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