GRAPEVINE, Texas, July 18,
2024 /PRNewswire/ -- Car Capital Technologies, Inc.
("Car Capital"), a trusted partner for independent and franchise
automotive dealerships seeking innovative financing solutions, is
excited to announce major funding commitments to continue to expand
the business, further enhance origination capabilities and drive
significant portfolio growth. The company has successfully closed a
senior/subordinate warehouse financing facility and secured lead
equity investments from two strategic partners as part of its
recently launched Series B funding round.
In a move to diversify and expand its financing sources to
better serve its dealer partners, Car Capital has secured a
$70 Million Committed Warehouse
Facility provided by Westlake Capital Finance, LLC and Medalist
Partners. Car Capital expects to expand this facility as
originations continue to accelerate over the next several quarters
and into 2025. This innovative private credit financing solution is
comprised of both Class A and Class B secured debt and will further
Car Capital's support of its dealer network, allowing them to scale
and thrive in today's competitive market.
Additionally, Car Capital has secured strategic equity capital
commitments from existing investors to support the growth
initiatives into the second half of 2025. This infusion of capital
will enable the company to continue to expand its dealer network,
enhance its technology platform, and deploy future generations of
AI-compatible underwriting models.
In addition to these critical financial milestones, Car Capital
is proud to welcome three key executives to its leadership
team:
- Jeff Adams, a seasoned
auto industry executive, has joined the board of directors. Jeff
brings over 30 years of experience in the automotive retail and
financing industry and is currently the EVP of Global Remarketing
& Asset Management at Hertz. He has also worked for two auto
manufacturers and held executive positions at auto retailers. His
extensive expertise in auto remarketing and retailing will be
invaluable as Car Capital navigates its next phase of growth.
- Kevin Godart, an accomplished expert in
tech-focused capital markets, has been appointed as Head of Capital
Markets and Assistant Treasurer. With a diverse background in
capital markets, Kevin has previously served in comparable
capacities at Upstart and LendingPoint. His expertise in securing
capital within the tech-enabled specialty finance sector perfectly
aligns with Car Capital's current growth plans. Kevin will focus on
securing funding across the business, including new forward flow
capital, additional senior and subordinate warehouse capacity, and
strategic capital as necessary.
- Deanna Hamideh, a seasoned industry and financial
reporting accountant with over 25 years of experience, has been
named Controller. Deanna joins us from One Main Financial and
brings a wealth of knowledge in all aspects of specialty accounting
and finance. Prior to One Main,
Deanna also founded DJH Accounting & Consulting LLC and served
in leadership roles at AmeriCredit (Predecessor to GM Financial).
She will focus on enhancing and further developing the accounting
and financial reporting infrastructure for the company and all of
its funding partners.
"We are excited to welcome Jeff
Adams to our board of directors and both Kevin Godart and Deanna
Hamideh to our management team. I am excited for the company
to benefit from their extensive industry experience and am
confident that they will be instrumental in continuing to help
build a world class auto finance solutions organization," said CEO
Jim Landy. "The successful closing
of our senior and subordinate financing transaction and our
continuing strategic capital raise, reflects our commitment to
innovation and dedication to supporting our dealer partners'
success."
With these developments, Car Capital is well-positioned to
continue its mission of empowering independent and franchise
dealerships with efficient financing solutions enabled through
technology, driving growth in the automotive financing
industry.
About Car Capital Technologies:
Car Capital Technologies is a leading provider of financing
solutions for independent and franchise automotive dealerships.
Offering tailored financing options with dealer participation in
financing revenue and retaining the financing relationship with the
consumer, Car Capital enables real-time approvals with personalized
payments on eligible inventory. This allows dealers to meet their
customers' unique needs with an end-to-end digital process. Focused
on innovation and customer success, Car Capital is committed to
helping dealerships thrive in today's dynamic market
environment.
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SOURCE Car Capital