Paragon Acceptance Corp., which specializes in financing used luxury cars, said it hopes to have 500 dealers signed up by year-end, compared with about 150 dealers today.
Paragon is licensed to operate in 23 states; it now does business in 10 states.
Headquartered in Mission Viejo, Calif., Paragon started signing up dealers in August 1996.
Dennis Lamont, company president, said Paragon wants to finance customers with 'no major derogatory credit,' with annual incomes of $35,000 to $40,000, who are in the market for 2-year-old cars or sport-utilities that sold for more than $25,000 when the vehicles were new.
Lamont left Hyundai Motor Finance in 1992, where he had been chief operating officer.
He is also former president and CEO of Security Pacific Auto Finance.