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Exeter Adds Former AmeriCredit Exec to Management Team

June 22, 2010

IRVING, Texas — Exeter Finance Corp., a specialty auto finance company, has named Mark Floyd, a former AmeriCredit executive, as its CEO and vice chairman of the board.

Floyd has a long history with Exeter’s founders, Sam Ellis, Richard Frunzi, Daniel Parry and Kenneth Wardle, as well as with Exeter board member Ed Esstman. The entire group previously worked closely together while all were at AmeriCredit Corporation, where Floyd spent more than 12 years in various executive positions with the below prime auto lender.

“Mark is a veteran auto finance executive who brings experience in successfully building and leading a growing business platform,” said David Panton, Exeter board member and partner of private equity firm Navigation Capital Partners. “We’ve known Mark for years. He’s worked extensively with the Exeter management team in different capacities during his career, so we are delighted to have him on board at Exeter.”

While at AmeriCredit, Floyd’s executive capacities included oversight responsibilities for originations, collections and customer service operations in the U.S. and Canadian markets. His 30 years of financial services industry experience also includes stints as president, CEO, COO, director and principal shareholder of various banks in the Dallas area.

“Over the last four years, Exeter has built a sound foundation through strong credit risk management, prudent underwriting, solid collection practices and financial controls,” said Floyd. “Exeter is a team with high integrity and an outstanding reputation within the dealer community. I am thrilled to join such dedicated professionals and look forward to working together to further the company’s success.”

Exeter, which reached $100 million in total originations in May, recently closed on a $100 million warehouse credit facility with Wells Fargo Bank, which significantly increased the size of Exeter’s previous line of credit. The credit facility will provide substantial capital for the growth of Exeter's loan portfolio, enabling expansion of its branch network.

The company plans to add staff to fuel its plans to enter new markets and sign up additional dealers for its finance program. Exeter currently operates branches in Irving, Texas; Independence, Ohio; Paramus, N.J.; Schaumburg, Ill.; St. Louis, Mo.; and Manchester, N.H. The lender also serves the Atlanta and Philadelphia markets.

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