Avid Acceptance completed an asset-backed warehouse facility arranged by JPMorgan Chase Bank. 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 also offers competitive pricing that will directly reduce the company’s interest expense.
“This new credit facility, combined with our inaugural asset-backed securitization earlier this year, will further strengthen our diverse funding strategy,” said Curtis Ash, Avid’s chief financial officer. “We’re pleased to partner with a leading global financial services firm like JPMorgan Chase.”
Founded in 2009 and based in Salt Lake City, Avid Acceptance is a privately held consumer finance company that offers specialty automobile financing to consumers through its network of dealers.
It is part of the Avtech Financial Group, an association of companies that provide large and small-scale real estate financing options for commercial real estate, equipment leasing and software in multiple industries, and consumer automobile financing.