Subprime lender Automotive Credit Corp. (ACC) is focused on “organic growth” after completing its acquisition of Top Finance Company Inc. in late September, John Cavanaugh, chief financial officer of ACC, told Auto Finance News.
“We will work on integrating the two companies, and we expect that to go very well,” he said. Southfield, Mich.-based ACC acquired Top Finance from the Platinum Group of Companies Inc. for an undisclosed amount.
Additionally, the lender expanded its senior credit facility with Wells Fargo Preferred Capital, Bank of America Business Capital, and Woodforest National Bank. The lender has worked with Wells Fargo for the last eight years, Woodforest National Bank since last year, and now the acquisition of Top has enabled ACC to add Bank of America to its bank group, nearly doubling the size of the facility.
ACC primarily provides used-vehicle loans for more than 400 dealerships in 10 states.
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