CarBiz Inc. Acquires Indirect Lender Star Financial
In a move that expanded its role in the buy-here pay-here industry, CarBiz Inc. announced that it acquired the Star Financial Services portfolio of consumer notes.
SARASOTA, Fla. — In a move that expanded its role in the buy-here pay-here industry, CarBiz Inc. announced that it acquired the Star Financial Services portfolio of consumer notes.
The acquisition will add more than $10 million to CarBiz's consumer loans portfolio. CarBiz financed the transaction by entering into a $20 million credit facility with Wells Fargo Preferred Capital.
Emphasizing the acquisition's impact to the company's growth, CarBiz CEO Carl Ritter stated, "The addition of this portfolio will augment our current collection team in Sarasota and the new credit facility with Wells Fargo should provide CarBiz with a stable financial platform to move forward this year."
Since 1966, Star Financial has served as an indirect lender to the auto finance industry in Southern California.
Full details of the acquisition and financing are available in the 8-K of CarBiz that was filed on June 17, 2009.
More Auto Finance
First-Quarter Sees Long Auto Loan Growth
Experian data show more consumers are tapping the method, along with refinancings, to afford buying. Meanwhile, subprime borrowers are getting more access.
Read More →
Mastering Credit Friction
In this video, Josh Krach explains how to turn credit friction into an advantage.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Auto Lenders, Consumers on a Tightrope
April borrowing data shows that more consumers are bending over backward to buy vehicles, though subprime lending cooled off for the month.
Read More →
Toyota Financial Services President Replaced
Scott Cooke has served in various roles with Toyota Financial Services for over 20 years, including president and CEO, which he retires from on June 30.
Read More →
Permission or Approval: When to Notify Finance Sources
Credit card down payments, multiple vehicle purchases and even straw purchases can be completed without committing bank fraud, as long as you tell the bank first.
Read More →
At-Risk Auto Borrowers Drive Looser Credit Access
Cox Automotive’s index shows the subprime segment, long loan terms, negative-equity borrowers and down payment amounts all grew in February despite ever-higher vehicle prices.
Read More →
Auto Loan Forecast Bucks Market Trend
Auto loan originations rose over 6% year-over-year in the third quarter of 2025, but TransUnion predicts a slight decline in auto loan growth this year, making it an outlier in the company's overall lending forecast.
Read More →
Auto Credit More Plentiful
Growing access shows greater lender appetite for risk as consumers take on heavier debt burden in an inflated market.
Read More →
Auto Loans Long as Stretch Limos
More consumers, faced with ever-rising car prices, are adapting by agreeing to longer loan terms despite the cost of added interest payments.
Read More →