The Industry's Leading Source For F&I, Sales And Technology

Software & Technology

Sixth Gear Enters Auto Finance Market with $1 Billion in Equity and Debt Commitments

June 03, 2008

NEW YORK -- Sixth Gear Solutions Corp., an independent auto finance company, today announced its entry into the auto finance market with $1 billion in equity and debt financing commitments to fund its growth.

Sixth Gear uses proprietary technology and personalized service to provide dealers and drivers with an array of customized auto financing solutions across all credit segments.

"We are committed to delivering unique value and outstanding service to the dealer and the driver, which will define our position in the marketplace," said Michael Barrington, co-CEO of Sixth Gear.

With the support of Fiserv Automotive Solutions, Fair Isaac and DealerTrack, the company has developed a state of the art technology infrastructure that will help Sixth Gear provide best-in-class service to auto dealers and customers.

"Our management team, our investors and our technology partners share our vision of bringing ease of access to an array of financing options to our dealers, and to their customers," said Norm Buchan, co-CEO of Sixth Gear.

Sixth Gear’s capitalization is comprised of over $250 million in equity commitments from a group of private equity investors led by Warburg Pincus and $750 million in long-term debt facilities.

"We look forward to working with this top notch management team to build a best-in-class auto finance platform. We think that this is the right time to capitalize on an attractive market opportunity, while other lenders are reducing their commitment to this marketplace," said David Coulter, chairman of the board of Sixth Gear and managing director of Warburg Pincus, the lead equity sponsor of Sixth Gear.

Sixth Gear is headquartered in New York City with offices Arizona and Texas.

Your Comment

Please note that comments may be moderated. 
Leave this field empty:
Your Name:  
Your Email:  

CLOSE [X]

READ NEXT

NAC Streamlines Data Delivery SEcureTransmit Software

The StoneEagle Group announced today that NAC, a developer of aftermarket service contract programs, will use SEcureTransmit, a software program that streamlines the secure electronic delivery of aftermarket product transaction data.