CHICAGO — Nationwide Acceptance Corp. announced late last week that it has opened a new division that will specialize in providing credit lines to buy-here, pay here dealers in the markets the company serves.

Asset-backed senior credit lines are available from $1 million to $5 million and will be offered in Arizona, California, Idaho, Illinois, Indiana, Kansas, Louisiana, Michigan, Montana, Mississippi, Nebraska, Nevada, New Mexico, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, West Virginia and Wisconsin.

"We are very excited to be able to provide this product during a time when many traditional lending sources have decided to exit this market," explained Martin Less, Nationwide's president.

"We feel our experience in the subprime auto finance industry makes us uniquely qualified to provide these credit lines and work closely with buy-here, pay-here dealers to help achieve their goals," he added.

Nationwide indicated that it plans to unveil the specifics of the new credit line program at the National Alliance of Buy-Here, Pay-Here Dealers Conference to be held at the Venetian Hotel May 11-13 in Las Vegas.

Conference attendees can learn more about the program by attending the capital markets session from 11:15 a.m. to noon on Wednesday, May 12, where Less will offer details as part of a panel discussion.

Dealers can also learn more by visiting the Nationwide booth at #118 in the exhibit hall.

Those interested in learning more are also invited to call Less directly at (800) 622-7605, ext. 1291.