AFS Acceptance Increases Credit Facility to $75M Through Deals With Capital One, Wells Fargo
FORT LAUDERDALE, Fla. — Earlier this week, AFS Acceptance, a
full-service auto finance company serving the subprime financing needs of
franchised and independent dealers, secured $20 million in subordinate debt to
support expansion of its business.
The company highlighted the injection of liquidity supports
AFS' initiatives to provide robust products and services for both franchise and
independent dealers across the country.
AFS also said it's pleased to broaden its long-standing
relationship with Capital One, the agent of the credit line, and add Wells
Fargo as a lender to the newly syndicated $75 million facility.
"We have worked closely with AFS for almost 10 years and
have watched them evolve and transform into the company they are today, Capital
One senior vice president Anita Kennedy said. "It's an exciting time for them
and Capital One is pleased to be a part of their success."
Tom Murphy, executive vice president and head of Wells Fargo
Preferred Capital, added, "After watching AFS from the sidelines for a few
years, we felt the management team was in place to take their company to the
next level. The timing was right to partner with them and we are excited to
work with AFS for a long time."
FalconBridge Capital Markets acted as exclusive advisor to
AFS regarding the new capital raise, which gives AFS the flexibility to
penetrate new markets and increase market share in the states the company
already does business.
"We are delighted to have assisted AFS Acceptance," said
Bennett Cole, president of FalconBridge Capital Markets, which facilitated the
deal. "Dov Szapiro and his management team at AFS have built an outstanding
financial services platform, and we look forward to working with the company as
they continue to emerge as one of the country's leading subprime auto finance
companies."
Szapiro, who is chief executive officer of AFS, stressed
that the closing of the deals marks the company's transition from a small,
local operation to a professionally managed organization.
"This is a big day in the history of AFS Acceptance,"
Szapiro said. "When we started AFS, my brother Uri and I always envisioned
working with companies of this caliber and we are grateful for their support
and guidance. We would like to thank FalconBridge and Wells Fargo for their
support of our expansion plans. Additionally, Capital One has been a true
partner over the past decade, without them and the hard work of our great employees,
none of this would have been possible."
Blossoming companies such as AFS are set to be a part of the
SubPrime Forum, the newest addition to Used Car Week.
The SubPrime Forum is boasting a growing speaker lineup that
is incorporating top executives from some of the leading finance companies,
including Consumer Portfolio Services, Westlake Financial Services and AFS
Acceptance.
Organizers recently confirmed that individuals now on tap to
be a part of the inaugural event are:
—Ian Anderson, president of Westlake Financial Services
—Charles Bradley Jr., chief executive officer of Consumer
Portfolio Services
—Steve Hall, president and CEO of DriversSelect
—Scot Seagrave, executive vice president of AFS Acceptance
This latest group of participants joins experts and
executives already on board to be a part of the SubPrime Forum, which will be
presented by SubPrime Auto Finance News and SubPrimeNews.com, in affiliation
with the National Automotive Finance Association. Others panelists for the
event that's set for Nov. 12 and 13 at the Manchester Grand Hyatt in San Diego
include:
—Jonathan Banks, NADA Used Car Guide
—Mary Benaknin, Mile One Automotive
—Jeff Bunch, Black Book Lender Solutions
—Lana Johnson, Santander Consumer USA
—-Melinda Zabritski, Experian Automotive
"Interest in the SubPrime Forum from all corners of the
automotive industry continues to intensify," Used Car Week chairman Bill
Zadeits said. "Having executives of this caliber is going to make the inaugural
SubPrime Forum one to remember. As more noteworthy developments within this
segment of the auto finance industry come along, the perspective from all of
these participants will provide a great return for attendees."
The SubPrime Forum will provide data, knowledge, insight and
powerful business networking opportunities to spur innovation and drive growth
in the subprime auto finance marketplace.
More details about the SubPrime Forum as well as the rest of the series of events including the
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, the Re3 Conference and the National Remarketing Conference can be found at www.usedcarweek.biz.
Continue the conversation with SubPrime Auto Finance News on LinkedIn and Twitter.
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