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 is based in New York City, with offices in Arizona and Texas. The new company plans to use proprietary technology and personalized service to provide dealers with an array of customized auto financing solutions that cater to all credit segments. The company's co-CEOs are Michael Barrington, previously the CEO of AmeriCredit, and former Chase Auto Finance president Norm Buchan.
"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 Barrington.
With the support of Fiserv Automotive Solutions, Fair Isaac and DealerTrack, the company believes it has developed a state-of-the-art technology infrastructure that will help to 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.
Sixth Gear’s capitalization is comprised of over $250 million in equity commitments from a group of private equity investors 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.