J.D. Byrider Hits $1 Billion in Outstanding Retail Installment Contracts
CARMEL, Ind. — Coinciding with the opening of its fifth
buy-here, pay-here dealership in North Carolina, J.D. Byrider recently reached
a new milestone: $1 billion in outstanding retail installment contracts.
During the 23 years the company has been in business, J.D.
Byrider has sold and financed almost 1 million vehicles for customers with
credit challenges who may otherwise not be able to secure reliable
transportation.
In addition to this milestone, the company rolled out a
store in Durham, N.C., a facility with 13,000 square feet at 3601 Durham-Chapel
Hill Blvd.
The Durham location is the second for franchisee Chris
Thomas, who also owns a J.D. Byrider dealership in Raleigh.
"I am looking forward to helping Durham residents with
less-than-perfect credit get a quality used car," Thomas said.
So far this year, the company has opened 11 franchise
locations, including Columbus, Ga.; Beckley, W.Va.; Flint, Mich.; East Dundee,
Ill.; Waco, Texas; Highland, Ind.; Richmond, Va.; Oak Lawn, Ill.; Opelika,
Ala.; and Orlando, Fla.;
J.D. Byrider is looking to roll out four more locations
scheduled to open by the end of 2012. The company's initial plans for 2013 call
for six new locations with more growth expected.
"The $1 billion milestone is a reflection of 23 years of
hard work and commitment to excellence by our employees and franchisees," J.D.
Byrider chief executive officer Steve Wedding said.
"We will continue our aggressive growth plans, fueled in
part by new capital infused in J.D. Byrider by Altamont Capital Partners,"
Wedding continued.
The acquisition of J.D. Byrider by private investment firm
Altamont Capital Partners took place in May, and earlier this year, J.D.
Byrider completed its first asset-backed securitization, a $145 million deal
led by RBS Securities.