CHERRY HILL, N.J. — Steady growth of acquisition and buy-here, pay-here portfolios pushed Pelican Resource Group to launch new bulk and point of sales purchase programs as well as the rollout of a national expansion and a new West Coast servicing center.

"The company has been very successful in the Mid-Atlantic states and is continuing to evolve into a national platform," Pelican Resource Group president and chief executive officer Troy Cavallaro declared this week.

"The response from dealers and investment community has been overwhelmingly positive," Cavallaro added.

As mentioned, market trends fueled Pelican's growth in significant staff expansion. The company recently acquired a new larger loan servicing facility in San Diego.

"San Diego continues to be a strategically relevant location for forward-thinking consumer lending businesses," stated Joel Kennedy, Pelican's chief operating officer.

"Our new facility provides the needed additional space for servicing personnel as the portfolio continues to expand," Kennedy continued.

Pelican pointed out it's now active in 24 states, including the Mid-Atlantic, Southeast, Mid-South and the West. Further expansion into the Midwest is in progress.

Pelican emphasized it is now actively expanding, utilizing both the new Summit point-of-sale program and through bulk BHPH portfolio acquisition.

"The Summit program represents a significant advancement in our lending approach and scorecard methodology," Cavallaro highlighted.

"Pelican is now providing dealers with a new and competitive alternative in the deep subprime space on a national level," he went on to say.

The company also announced the rollout of a new dealer bulk purchase program.

This new program can provide liquidity and quick funding for dealer owned and managed BHPH portfolios with as little as one payment of seasoning.

For more information call Mark Cochran, vice president of business development, at (866) 989-9688, ext. 711.