LAS VEGAS -

Subprime auto finance provider Western Funding has a new underwriting system that the company claims will cut the time of getting funds to dealerships in half.

The company recently announced the release of its new automated underwriting system, which is designed to improve the verification, processing and management of deals and adds automated queues and workflows to shorten funding times.

“We’ve listened to our dealers and recognize that the timeliness of cash flow is one of the most important factors when selecting a lender. We are dedicated to providing our dealer base quick funding to help them grow too,” Guerin Senter, president of Western Funding, said in a press release.

Western Funding developed this new underwriting system during the first few months of this year, starting the process in January. It activated the system in May and hopes for increased efficiency and accuracy in the underwriting process.

Over the past two years, Western Funding has grown significantly, building a portfolio of more than $100 million. The company, which as been in the subprime auto loan industry for more than 50 years, embraces new technologies to make the lending process faster and more profitable.

Westlake Financial Holdings, the parent company of Western Funding, hopes that the system will continue to improve the process of sending funds to their dealer base. WFH president Ian Anderson said in the release that the company is “very supportive of Western Funding’s future.”