Car Capital, an automotive fintech company, closed a $20 million credit line with Medalist Partners.
“Car Capital is excited to be able to help our dealer partners offer financing to their customers through the debt we’ve secured with Medalist Partners. We are planning to significantly expand our dealer network and grow our revenue with this additional capital,” Justin Tisler, co-founder and CEO of Car Capital, said. “Medalist has been an invaluable partner, first through their contribution to our Series A funding round, and now with this debt deal. We look forward to further building on our relationship with Medalist.”
“We’re excited to partner with Car Capital to provide their inaugural debt financing following a successful Series A equity round,” John Slonieski, director of private credit and a partner at Medalist Partners, said. “We believe the extensive experience of the management team, proprietary technology and innovative lending strategy make this company an ideal fit for a secured debt transaction within our asset-based private credit business.”
Car Capital’s proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALS) allows franchise and independent dealers to make immediate auto loan decisions for 100% of their customers. Car Capital allows its dealer partners to make immediate modifications to deal terms in real-time based on the economics of each car and consumer. Car Capital allows dealers to make back-end profit off their sales based on performance instead of requiring them to reach a minimum portfolio size.
“We are thrilled to work with Medalist to grow our dealer network. The debt capital from Medalist will help us to get more underserved consumers into transportation at a time when many people could use some help,” Brian Reed, chairman at Car Capital, said.
Medalist Partners is a privately held alternative credit manager based in New York. Medalist and its affiliates collectively manage approximately $2.2 billion in assets under management across strategies in asset-based private credit, structured credit and CLOs.
