11 May, 2023, 09:35 ET
GRAPEVINE, Texas, May 11, 2023 /PRNewswire/ -- Car Capital, a provider of a unique financing program for auto dealers, is pleased to announce its relaunch into the Midwest and Southeast and expansion to Western states. Car Capital's proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALS), allows franchise and independent dealers to make 24/7 immediate auto loan decisions for up to 100% of their customers.
Following a period of rebuilding, Car Capital is proud to unveil its new management team.
Jim Landy, a seasoned entrepreneurial veteran, has joined the company as its new chief executive officer. "We are very pleased and excited to have Jim on board leading the next stage of growth for the company," expressed Brian Reed, Car Capital's chairman. "His background starting and building FinTech companies providing financing to consumers without prime credit is unmatched."
The company added John McWilliams as its new chief financial officer. John has been a senior executive in FinTech and auto finance with over three decades of experience. In addition, John O'Dowd joined Car Capital as its new chief risk officer. John has over 20 years of experience managing credit risk and portfolio performance for credit-challenged consumers on a national scale.
Car Capital also recently closed two capital transactions with a third transaction closing at the end of May. In April, Car Capital closed a forward flow transaction with a private credit fund manager that provides up to $50 million in liquidity and on May 9 closed the last funding under an $8.76 million (including convertible notes) Series C equity financing. The company is expected to close a $3.7 million Series C-1 equity financing on May 31. Both the Series C and C-1 were led by existing shareholders. The Series C-1 is fully-subscribed; however, Car Capital will consider incremental equity investments from existing and new investors. These important transactions provide Car Capital the growth funding necessary to continue its expansion into critical markets, execute on the relaunch business plan, and provide capital to its dealer partners.
Car Capital's innovative financing product caters to the needs of independent dealers. The company provides real-time decisions with personalized structures for every vehicle in the dealer's inventory. With the added efficiency, dealers can be more responsive to their customers. The entire financing process is digital, delivering a better customer experience and speeding up the dealer's workflow.
Dealers can expect to work with dedicated account managers who will assist them in navigating the financing process and finding the best solutions for their business. "Our team is focused on building long-term relationships with our dealers, and we are dedicated to their success," said Landy.
Landy continued, "We look forward to engaging with dealers looking for a new solution to finance customers that may have been declined by other lenders or didn't receive terms that the consumer needed. We provide our dealers instant pre-structured terms freeing up time to spend on higher return activities, like selling more cars."
Car Capital is rolling out its financing program to dealer partners in 26 states throughout the Midwest and Southeast markets, with plans to expand into the West in the future. "We are actively building our field sales force and receiving great reception from dealers," Jim added.
About Car Capital
Car Capital, a wholly owned subsidiary of Car Capital Technologies, Inc., was founded to provide dealers with capital and advanced technology to help all consumers buy the cars they need. Car Capital is based in Grapevine, Texas and offers dealers a unique revenue-sharing model which aligns the interests of the consumer, the dealer, and the lender.
For more information about Car Capital's relaunch and new management team, please contact Kim Rosenberg, dealer relations manager, at [email protected]. For investment information, contact Jim Landy, CEO, at [email protected] or Justin Tisler, president, at [email protected].
SOURCE Car Capital
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