SARASOTA, Fla. — Leedom Group recently revealed that Leedom Financial Services has completed a sale of all its performing assets to American Credit Acceptance’s Spartan Financial — which also provides capital solutions to buy-here, pay-here dealers and subprime auto finance companies.
 
Leedom Group stressed the sale was made in an effort to “further enhance the services and resources available to its nationwide deal network.”

Moving on to highlight the specifics of the recent asset deal, which was completed in June, it was noted that LFS will “remain a distinct entity under the Leedom Group umbrella of companies.”

Company officials stress the transaction will result in greater access to capital resources to both the existing LFS clients and for the Leedom dealer network,  and it was also noted that Leedom will continue to work with Spartan Financial to develop financing options for buy-here, pay-here dealers.

Leedom Group’s chief executive officer Chris Leedom offered his opinion on the recent sale saying, “This opportunity presented itself at a key juncture when growth in the buy-here, pay-here marketplace is occurring at a time when access to capital has been limited at best.

“Spartan Financial’s robust resources in the asset-backed receivables market will significantly add to a strong, though limited marketplace of funding sources and others who truly understand the buy-here, pay-here business model. Over the past seven years, we financed over $2 billion in buy-here, pay-here recievables. I am confident Spartan will be a significant capital provider over the next few years based on their strong resource base,” he continued.

Spartan Financial's president Mark VanGeison also offered his take on the transaction: “We are very excited about the opportunity to provide the needed capital to the LFS client base. Moreover, we greatly look forward to working with the Leedom Group as they are uniquely positioned as a leading servicer provider to the buy here-pay here industry.

“Spartan Financial remains committed to the buy here-pay here industry, and we continue to seek new opportunities to deploy capital to meet dealers’ needs,” he concluded.

For more information about Leedom Group's dealer services, see here.