US company acquires CUL Administration of Canada
Auto Financial Group (AFG) — a Houston-based company that provides an online, residual-based, walk-away vehicle financing product called AFG Balloon Lending, as well as vehicle leasing and vehicle remarketing to financial institutions across the United States — now has a significant presence in Canada.
According to a news release distributed on Thursday, AFG announced that it completed the acquisition of Credit Union Leasing Administration of Canada on Aug. 1.
CUL Administration of Canada provides a turnkey program to Canadian credit unions to enable them to participate in consumer and commercial vehicle leasing.
The announcement indicated Peter Birks, president of CUL Administration of Canada, will continue to run operations as the company integrates with Auto Financial Group.
Company leadership explained AFG’s growth into new markets demonstrates its commitment to financial institutions across the United States and Canada to meet the rising consumer demand for residual based financing.
“We are excited to welcome CUL Administration of Canada to the AFG team and look forward to their contributions,” said Richard Epley, chief executive officer of Auto Financial Group.
“The acquisition is perfectly aligned with Auto Financial Group's mission to provide innovative, revenue producing programs to financial institutions and will position the company for continued growth and success in the future,” Epley continued.