St. Petersburg, Fla. — Retail auto financing and industry leader Joseph Spadaro has sold his remaining franchised dealerships to lead the rollout of Mac Baren Financial's EZ Pay Elite car payment subsidy program. Mac Baren has annoucned that Spadaro will serve as managing partner and point-person for the national rollout.
EZ Pay Elite increases unit sales by using manufacturer rebates, trade equity and customer cash to create FDIC-insured bank accounts that subsidize consumer monthly car payments.
"It was an easy decision for me to sell the dealerships and join Mac Baren," said Spadaro. "EZ Pay Elite auto financing program is doing for the auto industry what leasing and subprime did in the past, and can help turn around slumping sales.
"The program shortens the trade cycle, which in turn creates a customer for life for the dealer," Spadaro continued. "The customers drive home in the vehicle they want at a car payment they can afford. I predict next year we will have 1-million retail customers signed up, and excited about the program."
Mac Baren Financial created EZ Pay Elite in 2005 and conducted beta testing from October 2005 through December 2006. Spadaro kicked off the national rollout of the auto financing program this January. To date, participating dealers have enrolled over 1,200 customers, generating over $3.5-million in deposits to help subsidize car payments.
Spadaro joins the Mac Baren auto financing plan with over 35 years of retail automotive experience, including ownership of 24 franchised dealerships. He sold his three remaining dealerships: Kinston Chrysler/Dodge/Jeep, Kinston Nissan and Kinston Suzuki in North Carolina, to devote himself full-time to his role as managing partner.