PHOENIX — GO Financial, a Phoenix-based subprime auto finance company, completed the sale of an additional equity interest in the company to Manheim, which will become effective at year end.
In April 2014, the companies announced Manheim’s initial substantial equity investment in GO Financial, which is owned by Manheim and by DriveTime Chairman Ernie Garcia and company President/CEO Ray Fidel.
“Manheim is our true partner in GO Financial because they provide more than equity capital and access to NextGear Capital dealers,” Garcia said. “Manheim also brings invaluable market experience and leadership.”
Patrick Brennan, group vice president of Manheim Financial Services, added: “This partnership demonstrates the commitment of Manheim and its parent Cox Automotive Inc. to develop, deliver and execute the products and services dealers need to compete, win and grow. What every dealer can expect from doing business with our companies is what we are committed to provide — superior value.”
GO Financial also announced that it completed the rollout of its GO Program to all NextGear Capital markets during the fourth quarter of 2014. Qualified NextGear Capital dealers across the country who sell to the expanding subprime market can use GO Financial’s online electronic signature process to join the GO Program.
Participating dealers access GO Financial’s proprietary online portal to manage their credit approvals and receive fast funding. Dealers can also take advantage of GO Financial’s automated direct pay program, which improves dealer cash flow and access to their NextGear Capital credit line, officials said.