Car Capital paused originations, reduced its workforce and shifted contract servicing to Westlake Financial last November because of “difficult capital market conditions.”

On Thursday, Car Capital reemerged with a new leadership team set to do business now in the Midwest and Southeast with an expansion into the West in the works.

Among the members of the new management team is seasoned entrepreneurial veteran Jim Landy, who has joined the company as its new chief executive officer.

“We are very pleased and excited to have Jim on board leading the next stage of growth for the company,” Car Capital chairman Brian Reed said in a news release. “His background starting and building FinTech companies providing financing to consumers without prime credit is unmatched.”

The company also has added John McWilliams as its new chief financial officer. McWilliams has been a senior executive in fintech and auto finance with more than three decades of experience.

In addition, John O’Dowd has joined Car Capital as its new chief risk officer, bringing more than 20 years of experience managing credit risk and portfolio performance for credit-challenged consumers on a national scale.

Car Capital said it also recently closed two capital transactions with a third transaction closing at the end of May.

In April, Car Capital closed a forward flow transaction with a private credit fund manager that provides up to $50 million in liquidity and on May 9 closed the last funding under an $8.76 million (including convertible notes) Series C equity financing.

The company is expected to close a $3.7 million Series C-1 equity financing on May 31. Both the Series C and C-1 were led by existing shareholders.

The Series C-1 is fully subscribed; however, Car Capital will consider incremental equity investments from existing and new investors.

“These important transactions provide Car Capital the growth funding necessary to continue its expansion into critical markets, execute on the relaunch business plan, and provide capital to its dealer partners,” the company said.

A previous Emerging 8 honoree, Car Capital reiterated that its financing product caters to the needs of independent dealers. Car Capital’s proprietary, web-based platform — Dealer Electronic Auto Loan System (DEALS) — can allow dealers to make 24/7 immediate underwriting decisions for up to 100% of their customers.

The company looks to provide those real-time decisions with personalized structures for every vehicle in the dealer’s inventory.

With the added efficiency, Car Capital explained that dealers can be more responsive to their customers. The entire financing process is digital, delivering a better customer experience and speeding up the dealer’s workflow.

“Dealers can expect to work with dedicated account managers who will assist them in navigating the financing process and finding the best solutions for their business. Our team is focused on building long-term relationships with our dealers, and we are dedicated to their success,” Landy said.

“We look forward to engaging with dealers looking for a new solution to finance customers that may have been declined by other lenders or didn’t receive terms that the consumer needed. We provide our dealers instant pre-structured terms freeing up time to spend on higher return activities, like selling more cars,” Landy continued.

Car Capital is rolling out its financing program to dealer partners in 26 states throughout the Midwest and Southeast markets, with plans to expand into the West in the future.

“We are actively building our field sales force and receiving great reception from dealers,” Landy added.