CHADDS FORD, Pa. -

Indirect auto finance company Flagship Credit Acceptance recently completed an asset-backed securitization of $222 million of notes issued in four tranches and assigned ratings by Standard & Poor’s Ratings Services and Kroll Bond Rating Agency.

The development marked the company’s second asset-backed securitization.

Flagship also announced the recent completion of a new $100 million senior lending facility with Barclays Bank.  The addition of this facility increases the company’s total borrowing capacity to $275 million.

“The securitization and new debt facility will be utilized to support Flagship’s strategic growth plans and its auto finance consumer lending activities,” company officials said.

As contemplated in the company’s growth strategy, Flagship also announced that it will open a Western Regional office in Phoenix.

Flagship founder and chief executive officer Michael Ritter explained this location will function as a complementary service center primarily supporting West Coast dealers and consumers. Through state of the art technology, Ritter also highlighted this new facility will also act as a fully functioning disaster recovery center for Flagship’s East Coast headquarters.

“We are thrilled about these recent accomplishments. These steps represent the steady progression in Flagship’s evolution as a nationally recognizable lender in the below-prime financing arena,” Ritter said.

“Our ability to access the capital markets is critically important and necessary to achieving long-term growth and success in the auto finance industry and we are pleased with the execution and level of investor interest in our second issuance,” he went on to say.

Flagship currently employs 150 professionals who focus on a customer service driven lending model. The company provides automobile financing to consumers with limited access to traditional financing sources through its broad network of more than 3,500 dealer relationships across 39 states.