AutoFund Servicing Enters Into a Non-Binding Bid for Acquisition of $56 Million Portfolio
AutoFund Servicing, Inc. (AFSR) on Sept. 26 announced that its board of directors has entered into a non-binding bid for the acquisition of a $56 million portfolio.
"The portfolio has approximately 12,000 automobile accounts from around the nation, with a significant percent still having possession of the collateral," said James Haggard, chairman of the board and president of AutoFund Servicing, Inc. "The non-binding bid allows AutoFund the opportunity to complete its due diligence in order to determine the portfolio value to AutoFund while not allowing other bidders to review the portfolio. Should AutoFund's final offer be accepted, the new portfolio could very well double the size of our portfolio base and increase revenues significantly," Haggard said.
About AutoFund Servicing, Inc.
AutoFund Servicing, Inc. is a third party collection and recovery service provider to auto loan finance companies.
Its clients include banks, buy-here pay-here companies and auto finance companies that have bad debt accounts. These auto loan accounts have, for the most part, been written off or charged off by the company who provided the vehicle loan to the customer, and the debt is still owed by a customer whose vehicle may or may not have been repossessed. AutoFund aggressively seeks accounts from these companies to process for recovery.
AutoFund purchases large numbers of these accounts, at pennies on the dollar, from companies that wish to liquidate certain delinquent accounts from their portfolio. Then AutoFund through its staff attempts to collect the monies owed on these accounts.
AutoFund also provides data storage services for clients and generates reports from this data for its clients.
For more information, visit www.autofundservicing.com.
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