What is Gaya's current business model and how do they plan to monetize as they scale up?

As we speak, it's a commission for refinancing. Every time we channel a new financing from one bank to another, the bank pays a commission and we pay part of that commission to the insurance agent. As we prove the point that this has value in it, we can also layer in a SaaS fee, just like dealerships today pay a SaaS fee to RouteOne and to DealerTrack so that they can offer customers credit loan applications. We will also layer that. As we expand the vision besides loan refinancing into other types of financial products, the one thing we are toying with is the credit card backed by your car, such that given that your car is there. They know the value of the car as agents, maybe they can spin out a secured card and then enter into the banking service systems through that angle. Or, credit building tools for most nonstandard subprime customers, a lot of other things.

Now we're running pilots with two major insurance brokers with hundreds of locations across California, Texas, Illinois, Arizona and Florida. In these pilots, we’re going to be learning the best way to do this. Because it's not a partnership in which they just sell it. It's a partnership in which we need to learn at what point did the customer renew, did the customer lapse on their payment? When is the best time to call the customer and tell them, ‘I see your car, I see you're overpaying, refinance now and save your money, or refinance immediately and keep your insurance policy, or else you'll lapse, and then your insurance premiums are going to increase if you lapse.’ There's a lot to explain that is embedded in the nature of that.