CHADDS FORD, Pa. — Among a host of other developments,
indirect auto finance company Flagship Credit Acceptance completed an
asset-backed securitization of $222 million of notes in a transaction that
closed last week.

Flagship highlighted that the notes were issued in four tranches
and were assigned ratings by Standard & Poor's Ratings Services and Kroll
Bond Rating Agency.

This is the company's second asset-backed securitization.

Flagship also announced the recent completion of a new $100
million senior lending facility with Barclays Bank PLC.  The addition of this facility increases the
company's total borrowing capacity to $275 million.

Management explained that the securitization and new debt
facility will be utilized to support Flagship's strategic growth plans and its
auto finance consumer lending activities.

As contemplated in the company's growth strategy, Flagship
announced that it will open a Western Regional office in Phoenix. The company
indicated this location will function as a complementary service center
primarily supporting West Coast dealers and consumers.

Through state of the art technology, Flagship founder and
chief executive officer Michael Ritter highlighted that this new facility will
also act as a fully functioning disaster recovery center for Flagship's East
Coast headquarters.

"We are thrilled about these recent accomplishments," Ritter
said. "These steps represent the steady progression in Flagship's evolution as
a nationally recognizable lender in the below-prime financing arena.

"Our ability to access the capital markets is critically
important and necessary to achieving long-term growth and success in the auto
finance industry and we are pleased with the execution and level of investor
interest in our second issuance," he went on say

Flagship currently employs 150 professionals who focus on a
customer service driven lending model. 
The company provides auto financing to consumers with limited access to
traditional financing sources through its broad network of more than 3,500
dealer relationships across 39 states.

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