CARMEL, Ind. -

KAR Auction Services revealed an amendment for a Canadian subsidiary’s securitization facility.

Company officials explained this week that the Canadian floor plan finance company Automotive Finance Canada (AFCI), a subsidiary of Automotive Finance Corp., has entered into an amended and restated receivables purchase agreement dated May 24 by and among AFCI, KAR and a Canadian multi-seller conduit administered by an affiliate of a Canadian bank.

Officials indicated the receivables purchase agreement increases AFCI’s Canadian committed liquidity to $100 million Canadian dollars and extends the facility’s maturity date to June 30, 2014.

Don Gottwald, chief executive officer and president of AFC and AFCI, stated, “This amended Canadian securitization facility continues to underscore our commitment to our dealer customers and strengthens AFCI’s position as a premier floor-plan funding source throughout Canada.

"Much like the changes to our U.S. facility, I am pleased that we have been able to secure increased funding capacity through June 2014, as well as expand the definition of eligible receivables,” Gottwald added.