ATLANTA — Global Lending Services, a one-year-old subprime
auto finance company, is appointing a new chief executive officer, pulling in a
former high-ranking exec from Capital One Auto Finance.

Taking on the role effective Wednesday is Steve Thibodeau,
who will succeed Gary Lorenz, GLS' CEO since March of last year.

Since 2000, Thibodeau worked with Capital One, having held
various leadership roles across the company's marketing, credit, operations,
sales, servicing and strategy sectors. He was part of the original leadership
team that helped grow Capital One Auto Finance from $260 million in managed
loans to more than $25 billion currently.

"Steve is without question the right person to lead Global Lending
Services and we're thrilled he has agreed to become CEO," said Douglas Duncan,
chairman and founder of GLS.

"Steve brings with him many years of successful experience
in the automotive subprime industry, and we look forward to his leadership and
guidance," Duncan continued.

The change of CEOs comes after Global Lending Services previously
announced today the company now is actively purchasing vehicle finance
contracts in 19 states.

Since the acquisition of the assets and platform of
Resurgent Auto Finance last August, GLS focused on expanding its purchasing ability
and geographic reach.

When GLS purchased Resurgent assets, it was operating in
four states: South Carolina, North Carolina, Georgia and Virginia.

Since October, GLS successfully expanded into 15 more states
and continues to grow its contract purchasing territory. The 19 active states
now include:

—Alabama
—Delaware
—Florida
—Georgia
—Indiana
—Illinois
—Kansas
—Kentucky
—Maryland
—Michigan
—Missouri
—Mississippi
—North Carolina
—Ohio
—Pennsylvania
—South Carolina
—Tennessee
—Virginia
—Wisconsin

GLS leadership is excited about the current rate of growth
and the ability to serve individuals and families who are in need of secondary
financing.

"I'm very pleased with the execution of the national
expansion," Duncan said. "While expanding, we have been able to maintain high
levels of customer service, including credit and funding response times.

"As for the future of GLS, I'm excited. We look forward to
developing lasting dealer and customer relationships nationally," he went on to
say.

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