Car Capital Technologies, Inc. (“Car Capital”), a leading provider of financing solutions for independent and franchise automotive dealerships, has announced significant advancements in its growth strategy. The company has secured a $70 million committed warehouse facility and reinforced its equity capital, marking pivotal steps towards enhancing its market presence in automotive financing.
The senior/subordinate warehouse financing facility, facilitated by Westlake Capital Finance, LLC and Medalist Partners, positions Car Capital to amplify its origination capabilities and drive substantial portfolio growth. This structured financing solution includes both Class A and Class B secured debt, designed to support Car Capital’s dealer network and navigate competitive market dynamics effectively.
In conjunction with securing the warehouse facility, Car Capital has successfully raised strategic equity investments as part of its ongoing Series B funding round. This capital infusion will empower the company to expand its dealer base, advance technological innovations, and implement AI-driven underwriting models tailored for the automotive sector.
Leadership Reinforcement to Navigate Growth Trajectory
Car Capital also announces key additions to its leadership team:
- Jeff Adams, an automotive industry veteran with over three decades of experience, joins the board of directors. Currently serving as EVP of Global Remarketing & Asset Management at Hertz, Adams brings invaluable insights into automotive retail and financing, crucial for Car Capital’s strategic growth initiatives.
- Kevin Godart assumes the role of Head of Capital Markets and Assistant Treasurer, leveraging his extensive background in tech-focused capital markets to optimize funding strategies essential for Car Capital’s expansion.
- Deanna Hamideh joins as Controller, bringing over 25 years of expertise in financial reporting and specialty accounting from her previous roles at One Main Financial and GM Financial.
“We are excited about the opportunities ahead with the closing of our senior/subordinate financing and the strategic capital raise,” said Jim Landy, CEO of Car Capital. “These initiatives underscore our commitment to enhancing dealer support and driving innovation in automotive financing.”
Editorial Insight:
Car Capital Technologies’ recent financial milestones and leadership appointments highlight its proactive approach in strengthening operational capacities and market positioning within the automotive financing landscape. The company’s ability to secure a substantial warehouse facility and attract strategic equity investments underscores its commitment to innovation and dealer-centric financing solutions.
As Car Capital Technologies continues to leverage advanced technologies and expand its financing capabilities, it is poised to redefine industry standards, empowering automotive dealerships nationwide with efficient and personalized financing solutions.
If you need further assistance or have any corrections, please reach out to editor@thetimesmag.com.
