Following sale close, Exeter expands origination program
Exeter Finance is closing the year with a pair of notable developments announced on Tuesday.
The finance company that specializes in subprime paper said it will extend its underwriting reach into the near-prime credit spectrum, effective immediately. Focused on non-prime since its founding in 2006, Exeter launched a new near-prime program called ExeterPlus to dealers nationwide.
“We’re excited that after establishing a track record of success in non-prime auto financing over the past 15 years, Exeter has launched its new near-prime program, ExeterPlus. The program will offer dealers flats, an extended max term and increased back-end,” Exeter president and chief operating officer Brad Martin said in a news release.
Martin noted that Exeter has helped more than 1 million customers purchase the vehicles they need since 2006.
Now, Martin said the company is looking forward to helping its next million customers through “competitive offerings that are right for them — and for its dealer partners, as well.”
Exeter’s announcement follows the closing of the company’s sale to an investor group led by Warburg Pincus.
Terms of the private transaction were not disclosed, according to that news release distributed Tuesday.
Exeter did mention that Jason Grubb continues as chief executive officer and is a “meaningful investor in the company,” alongside Martin and the rest of the current Exeter management team.