Capital One to Buy Onyx Acceptance
MCLEAN, Va. -- Capital One Financial Corp. announced that it will purchase Onyx Acceptance Corp., a prime and near-prime auto finance company based in Foothill Ranch, Calif. Capital One agreed to pay $191 million in cash.
MCLEAN, Va. -- Capital One Financial Corp. announced that it will purchase Onyx Acceptance Corp., a prime and near-prime auto finance company based in Foothill Ranch, Calif. Capital One agreed to pay $191 million in cash.
This purchase will make Capital One the second largest independent auto lender in the United States. It will deepen Capital One's coast-to-coast auto finance market penetration and enhance its product line, especially among prime borrowers.
Onyx's senior management will play a role in Capital One's auto finance business.
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