An Irving auto finance company is adding a line of business to expand its client base following a recent ownership shift that slated growth.
Exeter Finance will extend its lending practice, which currently focuses on non-prime, into the near-prime credit sector, effective immediately. The new program, ExeterPlusSM, launched for auto dealers across the country, the company said.
“The program will offer dealers flats, an extended max term and increased back-end,” said Exeter President and Chief Operating Officer Brad Martin in a prepared statement.
In June, Exeter announced it had struck a deal to be acquired by an investor group led by Warburg Pincus. Terms weren’t disclosed, but the global firm would buy Exeter from its then-owners, funds managed by Blackstone. The local company had a loan portfolio of more than $7 billion.
Exeter underwrites, purchases, services and securitizes retail installment contracts across the country. Martin said in the statement that the firm has helped more than one million customers purchase vehicles since its 2006 founding.
Martin, and Exeter CEO Jason Grubb, stayed on with the management team as “meaningful” investors.
“We are excited to partner with Jason and the Exeter Finance team to further build on the company’s leading market position and accelerate future growth,” said Warburg Pincus Managing Director Eric Friedman in a prepared statement in June.