IRVING, Texas, April 25, 2016 /PRNewswire/ -- Exeter Finance Corp., a specialty auto finance company in Irving, Texas, is celebrating its tenth year in business, partnering with thousands of franchised automotive dealers nationwide to make vehicle ownership a reality for credit-challenged customers.
Exeter was founded in 2006 by a group of auto finance executives seeking a relationship-based business focusing on specialty lending. The company grew steadily, and in 2008 received a $20M equity investment from Navigation Capital Partners. In 2011, Exeter was acquired by The Blackstone Group, one of the world's largest private equity and investment banking firms. By 2014, the company boasted more than 1,000 employees and became the third-largest issuer of subprime retail auto loans ABS. Exeter ended 2015 with more than $1.5B in originations and$3.1B in receivables.
Over the past ten years, Exeter has invested in technologies and strategies to improve the dealer and customer experience. The company recently implemented a new originations platform that provides dealers automated decisions in 15 seconds or less, and consolidated its nationwide branch network into two central operations centers in Clearfield, Utah and Irving, Texas. Loan origination hours have been extended to provide additional support to dealers. As well, Exeter provides its customers access to a complimentary online financial educational tool. Today, Exeter is positioned as a key player in the subprime auto finance space.
"I am proud of our team for driving Exeter's success over the past ten years," said Exeter CEO Jason Grubb. "We have weathered significant challenges to become a significant competitor in this market. We will continue to build relationships, provide exceptional customer service, and strive for excellence every day."
ABOUT EXETER FINANCE
Exeter Finance Corp. is a specialty auto finance company based in Irving, Texas. Exeter partners with franchised auto dealers throughout the country to make car ownership a reality for consumers. Building personal relationships and providing the highest level of service to dealers and customers have been keys to the company's success since its founding in 2006. Please visit www.exeterfinance.com to learn more.
SOURCE Exeter Finance Corp.