CarFinance has signed nearly 100 dealers in Southern California since early May, Landy said last week in a phone interview . The lender focuses on franchised new-car dealers.
Through 2011, CarFinance plans to expand on the West Coast and into Texas, Landy said. Next year the lender wants to roll out across the country.
The launch of CarFinance follows Perella Weinberg's purchase of Flagship Credit Acceptance last fall.
Flagship, based in Chadds Ford, Pa., is the successor company to a subprime lender with a similar name. Eventually, Perella Weinberg wants Flagship to expand, says Andrew Dym, a partner with Perella Weinberg's Asset-Based Value strategy group.
So far, Flagship has stuck to the predecessor company's footprint in about 15 states in the mid-Atlantic and Southeast, Dym said in a phone interview last week.
The CarFinance management team worked together at Triad Financial Corp. of Huntington Beach, Calif. Landy founded Triad in 1989 and was its CEO until 2005. He left after then-parent Ford Motor Credit Co. sold Triad to private investors. Santander Consumer USA bought Triad in 2009.
Perella Weinberg Partners is a privately held financial services firm. Its Asset-Based Value strategy group focuses on investing in assets that generate an ongoing cash flow, including auto loans. The company says that including affiliates, its global asset management business has capital commitments and managed assets of over $7.9 billion.
Last year, the U.S. Treasury tapped Perella Weinberg to assist with the disposal of its stake in Ally Financial.