GRAPEVINE, Texas, July 18, 2024 /PRNewswire/ -- Car Capital Technologies, Inc. ("Car Capital"), a trusted partner for independent and franchise automotive dealerships seeking innovative financing solutions, is excited to announce major funding commitments to continue to expand the business, further enhance origination capabilities and drive significant portfolio growth. The company has successfully closed a senior/subordinate warehouse financing facility and secured lead equity investments from two strategic partners as part of its recently launched Series B funding round.
In a move to diversify and expand its financing sources to better serve its dealer partners, Car Capital has secured a $70 Million Committed Warehouse Facility provided by Westlake Capital Finance, LLC and Medalist Partners. Car Capital expects to expand this facility as originations continue to accelerate over the next several quarters and into 2025. This innovative private credit financing solution is comprised of both Class A and Class B secured debt and will further Car Capital's support of its dealer network, allowing them to scale and thrive in today's competitive market.
Additionally, Car Capital has secured strategic equity capital commitments from existing investors to support the growth initiatives into the second half of 2025. This infusion of capital will enable the company to continue to expand its dealer network, enhance its technology platform, and deploy future generations of AI-compatible underwriting models.
In addition to these critical financial milestones, Car Capital is proud to welcome three key executives to its leadership team:
- Jeff Adams, a seasoned auto industry executive, has joined the board of directors. Jeff brings over 30 years of experience in the automotive retail and financing industry and is currently the EVP of Global Remarketing & Asset Management at Hertz. He has also worked for two auto manufacturers and held executive positions at auto retailers. His extensive expertise in auto remarketing and retailing will be invaluable as Car Capital navigates its next phase of growth.
- Kevin Godart, an accomplished expert in tech-focused capital markets, has been appointed as Head of Capital Markets and Assistant Treasurer. With a diverse background in capital markets, Kevin has previously served in comparable capacities at Upstart and LendingPoint. His expertise in securing capital within the tech-enabled specialty finance sector perfectly aligns with Car Capital's current growth plans. Kevin will focus on securing funding across the business, including new forward flow capital, additional senior and subordinate warehouse capacity, and strategic capital as necessary.
- Deanna Hamideh, a seasoned industry and financial reporting accountant with over 25 years of experience, has been named Controller. Deanna joins us from One Main Financial and brings a wealth of knowledge in all aspects of specialty accounting and finance. Prior to One Main, Deanna also founded DJH Accounting & Consulting LLC and served in leadership roles at AmeriCredit (Predecessor to GM Financial). She will focus on enhancing and further developing the accounting and financial reporting infrastructure for the company and all of its funding partners.
"We are excited to welcome Jeff Adams to our board of directors and both Kevin Godart and Deanna Hamideh to our management team. I am excited for the company to benefit from their extensive industry experience and am confident that they will be instrumental in continuing to help build a world class auto finance solutions organization," said CEO Jim Landy. "The successful closing of our senior and subordinate financing transaction and our continuing strategic capital raise, reflects our commitment to innovation and dedication to supporting our dealer partners' success."
With these developments, Car Capital is well-positioned to continue its mission of empowering independent and franchise dealerships with efficient financing solutions enabled through technology, driving growth in the automotive financing industry.
About Car Capital Technologies:
Car Capital Technologies is a leading provider of financing solutions for independent and franchise automotive dealerships. Offering tailored financing options with dealer participation in financing revenue and retaining the financing relationship with the consumer, Car Capital enables real-time approvals with personalized payments on eligible inventory. This allows dealers to meet their customers' unique needs with an end-to-end digital process. Focused on innovation and customer success, Car Capital is committed to helping dealerships thrive in today's dynamic market environment.
SOURCE Car Capital