AFS Acceptance secures $20 million and Increases Credit Facility to $75 million
Company continues expansion of its subprime automobile financing program
Fort Lauderdale, FL (July 29, 2013) – AFS Acceptance, LLC (www.AFSAcceptance.com), a full-service auto finance company serving the subprime financing needs of franchise and independent car dealers, has secured $20 million in subordinate debt to support expansion of its business. The injection of liquidity supports AFS’ initiatives to provide robust products and services for both franchise and independent dealers across the country.
AFS is also pleased to broaden its long-standing relationship with Capital One, the agent of the credit line, and add Wells Fargo as a lender to the newly-syndicated $75 million facility. Anita Kennedy, Senior Vice President of Capital One, commented, “We have worked closely with AFS for almost 10 years and have watched them evolve and transform into the company they are today. It’s an exciting time for them and Capital One is pleased to be a part of their success.” Tom Murphy, Executive Vice President and Head of Wells Fargo Preferred Capital, added: “After watching AFS from the sidelines for a few years, we felt the management team was in place to take their company to the next level. The timing was right to partner with them and we are excited to work with AFS for a long time.”
FalconBridge Capital Markets, LLC, acted as exclusive advisor to AFS regarding the new capital raise, which gives AFS the flexibility to penetrate new markets and increase market share in the states they do business in today. “We are delighted to have assisted AFS Acceptance,” said Bennett Cole, President of FalconBridge Capital Markets, which facilitated the deal. “Dov Szapiro and his management team at AFS have built an outstanding financial services platform, and we look forward to working with the company as they continue to emerge as one of the country’s leading subprime auto finance companies.”
The closing of the deals marks AFS’ transition from a small, local operation to a professionally managed organization. Dov Szapiro, CEO of the Ft. Lauderdale based company, noted, “This is a big day in the history of AFS Acceptance. When we started AFS, my brother Uri and I always envisioned working with companies of this caliber and we are grateful for their support and guidance. We would like to thank FalconBridge and Wells Fargo for their support of our expansion plans. Additionally, Capital One has been a true partner over the past decade, without them and the hard work of our great employees, none of this would have been possible.”
About AFS Acceptance
AFS Acceptance is an established, full-service auto finance company serving franchise and independent car dealers’ subprime financing needs in 28 states since 1996. The company’s tiered program gives dealers a complete set of pricing options, from nonprime to deep subprime. With dedicated account managers providing responsive guidance and support, AFS helps dealers fund contracts quickly and sell more automobiles. Visit www.afsacceptance.com for more information, or call 1-866 206 5534.