Funds managed by affiliates of Fortress Investment Group closed a three-year, $150 million secured credit facility and a $6.125 million equity investment for Car Capital, an automotive financial technology company.
“We are very pleased to partner with Fortress, who has a long history of providing capital to fintech and automotive companies,” Justin Tisler, co-founder and CEO of Car Capital, said. “The commitment, both on the debt and equity side, of such a respected market participant is a testament to our business model, team and market opportunity.”
Through its proprietary digital platform, Dealer Electronic Auto Loan System (DEALS), Car Capital allows dealer partners to instantly approve customers regardless of credit history. With DEALS, dealers have the ability to make approval decisions based on the economics of each unique car and consumer, and dealer partners get back-end profit based on performance instead of a minimum portfolio size.
“Car Capital has built an exceptional business powered by proven, innovative technology and a business model that delivers substantial benefits to consumers and dealers alike,” Dominick Ruggiero, managing director at Fortress Investment Group, said. “We are excited to provide a capital solution that positions Car Capital for significant continued growth in the years ahead.”
