Exeter Expands, Extends Warehouse Credit Facility
Exeter has extended its borrowing base from $600 million to $1.075 billion. The expansion of its credit facility frees up funds as the company continues to extend its national footprint.
IRVING, Texas — Exeter Finance Corp., a specialty auto finance company, announced the expansion and extension of its warehouse credit facility from $600 million to $1.075 billion. The new borrowing base has a revolving period that matures in October 2015.
The expanded credit facility includes commitments from Wells Fargo, Citigroup, Deutsche Bank AG, New York Branch and Goldman Sachs Bank USA. Exeter uses warehouse credit facilities for short-term financing of its receivables until it permanently finances the receivables in securitization transactions.
“We’re pleased with the continued support of our bank partners as we build out Exeter’s national footprint,” said Mark Floyd, CEO of Exeter. The company is now originating business in 44 states through 46 offices, which include a combination of local and regional branches as well as our national service center in Irving, Texas. The company is currently purchasing contracts from approximately 7,000 dealers and Floyd said he expects that number to continue to grow at a steady pace.”
“Exeter’s tremendous progress over the past year is a testament to Mark and his team’s skill in building out a leading national auto lending platform,” said Nadim El Gabbani, principal at Blackstone. “We are fortunate to be working in partnership with an excellent group of banks, and the current warehouse facility and recent ABS issuance will allow the company to continue pursuing its growth plan.”
Exeter completed its second rated term securitization in September, issuing $300 million in notes backed by subprime automobile installment receivables.
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 →