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Calgary Startup AITHR Targets Inefficiencies in Subprime Auto Lending

October 31, 2023 by Knowlton Thomas Leave a Comment

Up to one-third of Canadians have credit scores poor enough to render them “subprime” borrowers in the eyes of traditional lenders, which can make things such as securing a loan for a car challenging.

A startup founded in Calgary is looking to alleviate pressure in Canada’s automotive industry by streamlining inventory access and empowering financing for subprime auto lenders.

Alberta-based AITHR Automotive Intelligence has developed subprime pairing approval software for dealerships and their non-prime clients, which is paired with the AITHR HUB—a place for independent dealerships to list inventory for customers’ subprime approvals.

The auto-focused Canadian fintech was founded by Ted Lam, who boasts two decades of experience in the automotive industry—during which time he recognized Canada’s non-prime sales process was “painfully inefficient.”

By connecting private seller and independent dealership inventory to dealership users through lightening fast software, Lam believes he is bringing needed inventory and choice to dealerships with non-prime clients.

“We understand the pain points of subprime vehicle sales because we’ve lived them,” the company states online. “That’s why our software is unlike anything on the market—it was built by subprime sales people for subprime sales people.”

Even if a dealership is well-stocked, it’s impossible to ensure that every option will fit every customer’s unique requirements, according to Lam. Through his company’s platform, users have a greater selection of cars to choose from, as well as better financing options, he says.

This approach represents “the future of automotive inventory pairing,” the fintech asserts.

Currently, AITHR is partnered with more than 300 auto dealerships in over 100 cities across nine provinces. So far, several hundred Canadians have browsed an inventory of 15,000 vehicles to finalize a purchase through the HUB platform.

AITHR was recently named as one of Calgary’s 10 most promising startups ahead of Innovation Week’s signature event, Launch Party powered by Platform Calgary.

The top 10 companies are nominated by the Calgary innovation community and selected by a committee of Launch Party alumni. To be selected, companies must be in operation for less than three years, be revenue positive, and demonstrate potential for growth.

Launch Party will be hosted at the The Big Four Roadhouse on November 23.

Filed Under: News Tagged With: AITHR Automotive Intelligence

About Knowlton Thomas

Knowlton Thomas is Editor-in-Chief of The Midway Advance and Senior Writer for Calgary.tech. Over more than a decade of journalism, he has penned thousands of articles and dozens of essays on technology, health, and culture across a variety of publications.

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