It’s been about seven months since Obra Capital acquired Arra Finance, so the indirect subprime auto finance company shared an update this week about how it’s going.

Arra Finance said it’s made “significant progress” in successfully relaunching and leveraging its scalable originations system, proprietary scorecard and data warehouse to provide access to finance solutions and facilitate sales for franchise and independent dealers.

With the backing of Obra, the Arra Finance said it now has access to the capital and platform capabilities necessary to process, underwrite and provide prompt feedback on quality credit applications submitted by dealers, and to purchase retail installment contracts in line with the industry standard turnaround times.

The company said dealers generally received a decision in under nine minutes from submission by the dealership.

Arra Finance indicated about 20% of the retail installment contracts purchased in the first two months of this year were cashed the same day the funding package was received from the dealership.

On average, all contract packages received for approved credit applications were funded and purchased from dealers within three days of receipt, according to the company.

Thomas Diggs from Ricart Chevrolet Buick GMC in Columbus, Ohio is one of Arra’s dealer customers and shared this assessment via a news release from the finance company.

“Arra has demonstrated a refreshing willingness to find a way to put a deal together, and not just a deal, but a deal that gives a consumer a good opportunity to redeem their credit and be successful with their rebuilding process in a way that protects our dealership, as well as our portfolio,” Diggs said.

That kind of feedback is likely to make Obra Capital pleased with making the investment in August.

“We have seen Arra’s team and platform step up to meet a significant need in the auto finance market,” Obra Capital president and CEO Blair Wallace said in the news release. “This is a scalable platform, and with the benefit of Obra’s insurance company balance sheets, structuring and credit capabilities, we’re optimistic about Arra’s capacity to meet the need for dealer financing solutions and grow significantly.”

Arra Finance chief executive officer Kenn Wardle reiterated the company’s platform provides a dealer-focused origination processing experience that combines technology with the human touch of experienced industry professionals.

Wardle said the company team ensures each contract is structured to match the needs of the dealer, while also facilitating long-term success for subprime car buyers.

“Our goal as a firm is to streamline the car-buying experience and meet the needs of an underserved segment of the market, with quality underwriting and financing solutions that we believe help both our dealers and their end customers meet their financial goals,” Wardle said.

“We’ve had a very successful first four months in market. We look forward to establishing additional dealer relationships as we continue to build out our platform, maximizing efficiency for timely decisions and swiftly funded contract packages,” he went on to say.