GRAPEVINE, Texas, May 11, 2023 /PRNewswire/ — Car Capital, provider of a unique financing program for auto dealerships, is pleased to announce its relaunch in the Midwest and Southeast and expansion into the Western states. Car Capital’s proprietary Dealer Electronic Auto Loan System (DEALS) web platform enables franchise and independent dealers to make immediate auto loan decisions 24/7 for up to 100 % of your customers.
After a period of rebuilding, Car Capital is proud to introduce its new management team.
Jim Landy, a seasoned veteran entrepreneur, has joined the company as the new CEO. “We are very pleased and excited to have Jim on board to lead the next stage of growth for the company,” he expressed. Brian Reed, president of Car Capital. “His track record of starting and building FinTech companies that provide financing to unprimed consumers is unmatched.”
The company added John McWilliams as its new CFO. John has been a senior FinTech and auto finance executive with over three decades of experience. Besides, John O’Dowd joined Car Capital as the new Chief Risk Officer. John has over 20 years of experience managing credit risk and portfolio performance for credit distressed consumers on a national scale.
Car Capital also recently closed two equity deals and a third transaction closed at the end of May. In April, Car Capital closed a forward flow transaction with a private credit fund manager offering up to 50 million dollars in liquidity and forward May 9 closed the latest financing under a 8.76 million dollars (including convertible bonds) Series C equity financing. The company is expected to close on 3.7 million dollars Series C-1 equity financing May 31. Both Series C and C-1 were led by existing shareholders. Series C-1 is fully subscribed; however, Car Capital will consider incremental equity investments from existing and new investors. These major transactions provide Car Capital with the growth funding needed to continue its expansion in critical markets, execute the relaunch business plan and provide capital to its dealer partners.
Car Capital’s innovative financing product meets the needs of independent dealers. The company provides real-time decisions with custom structures for each vehicle in the dealer’s inventory. With the added efficiency, dealers can be more responsive to their customers. The entire financing process is digital, providing a better customer experience and speeding up the dealer’s workflow.
Dealers can expect to work with dedicated account managers who will help them navigate the financing process and find 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 who are looking for a new solution to finance customers who may have been turned down by other lenders or who didn’t get the terms the consumer needed. We offer our dealers instant pre-structured terms freeing up time. to spend on higher-yielding activities, such as selling more cars.”
Car Capital is rolling out its financing program to partner dealers in 26 states in the Midwest and Southeast markets, with plans to expand west in the future. “We are actively building our field sales force and receiving a great response from distributors,” added Jim.
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 that aligns the interests of the consumer, dealer and lender.
For more information on the relaunch and new management team at Car Capital, please get in touch Kim Rosenberg, dealer relations manager, at kim.rosenberg@carcapitalcorp.com. For investment information, please contact Jim LandyCEO, at jim.landy@carcapitalcorp.com or Justin Tislerpresident, at justin@carcapitalcorp.com.
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SOURCE Car Capital
