AutoCorp's Subsidiaries Open New Credit Facilities
AutoCorp Equities, Inc. announced Jan. 5 that two of its subsidiaries, American Finance Co. (AFCO), and AutoCorp Financial Services (AFS), have obtained credit lines to facilitate future growth.
AFCO's new credit line is with Far East National Bank. The $10,000,000 is a revolving line of credit which will be used to purchase automobile loans from AFCO's national dealer network. The line is expandable to allow for the company's anticipated loan volume growth. The addition of this revolving line of credit, and AFS's loan participation programs, will help make AFCO a significant source for financing with its expanding dealer network, according to the company.
In other news, another subsidiary, AFS, is reactivating its $2,000,000 credit line with Seawest Financial Corp. AFS has also received approval to do full service collections and asset management of AFCO's portfolio. The approval and due diligence was performed by a major ("A-Rated") default insurance carrier that underwrites AFCO's revolving credit line.
AutoCorp Equities, Inc. is a publicly traded company that, together with its subsidiaries, specializes in providing financial products and services to automotive retailers and financial service companies. Products and services provided include point-of-sale auto loan originations on a flow basis, and the purchase and sale of automobile loan portfolios to investors on a participation basis. These investors include credit unions, banks, other financial institutions and private individuals. The company provides servicing and asset management of these prime and non-prime automobile loans for its investor partners.
AFCO, one of the company's subsidiaries, has a strategic alliance with the largest automobile floor-planner in the industry, which services more than 15,000 independent auto dealerships nationwide. Another subsidiary, AutoCorp Financial Services, performs all administrative and collection activities related to the company's participation programs.
For further information, call Terri Ashley at (214) 618-6400 or email tashley@autocorp.net.
More F&I
Modern Technology Objection Handling
In this video, Trent White shares how to confidently handle technology-based objections by helping customers understand the value of protection, even with modern vehicle technology.
Read More →
Consistency at Scale: Driving F&I Performance
With 75 rooftops across the Sunshine State, Morgan Auto Group has proven to Floridians that it knows a thing or two about driving performance in a competitive market. But it didn’t start at the top.
Read More →
Gitty Up on GAP
The foundational finance-and-insurance product hasn’t kept up with the latest conditions for auto dealers. Is the time ripe?
Read More →
How AI-Powered Coaching Is Transforming F&I Performance
See how AI-powered coaching can turn F&I customer conversations into actionable insights that support compliance, performance and profitability
Read More →
Sell Value, Build Trust
In this video, Trent White explains why selling on value, not fear, builds lasting customer trust, reduces cancellations, and drives long-term success.
Read More →
F&I Sales Give Dealers First-Half Lift
Product business shored up total profits to avoid an overall revenue tanking as product penetrations held steady, StoneEagle reported.
Read More →
Targeted Training Drives Results
Today’s technology, instead of threatening F&I managers, can actually make them better, according to an industry veteran who’s watched market setbacks roil the unprepared.
Read More →
Double the Change, Double the Chance
When an F&I manager gets a customer refusal, it’s a wise move to tweak more than one thing in the product offering.
Read More →
Just Do It
F&I managers need training, but instead of resisting application or expecting perfection, they should improve by simply acting on what they learn.
Read More →
Dealer Lender Preferences Revealed
When lenders provide consistent, fast service, their overall satisfaction scores with dealers greatly improve, according to JD Power research.
Read More →