Diversified financial services firm Avid Acceptance completed an asset-backed warehouse facility with Capital One. The facility was established to provide additional liquidity to support the company’s short-term and long-term growth strategies and diversify its funding model.
The facility offers competitive pricing that will directly reduce Avid’s interest expense and expand its banking relationships.
“This new Capital One credit facility, combined with the recently formed facility arranged by JPMorgan Chase Bank, further strengthens our diverse funding strategy,” said Curtis Ash, Avid chief financial officer. “We’re pleased to forge this new relationship with Capital One and broaden our banking partnerships.”
Founded in 2009 and based in Salt Lake City, Avid Acceptance offers specialty automobile financing to consumers through its network of dealers. The company specializes in purchasing and servicing retail automobile contracts originated by its network of franchised and select independent dealers and provides indirect financing through its automobile contract purchases, serving as an alternative source of financing for auto dealerships.