Canadian subprime lessor Axis Auto Finance raised $25 million to fund its recent acquisition of Trend Financial Corp., the company announced last week.
The deal to acquire Trend Financial was valued at $29.3 million.
Axis acquired Trend in a deal that doubled the lessor’s portfolio to $110 million earlier this month. While the merging of the two competitors does not increase Axis’ dealer network by a significant portion, Trend possessed many of the qualities that Axis looks for in an acquisition, Founder and President Ilja Troitschanski previously told Auto Finance News.
Axis plans to extend nationwide by yearend and has been acquiring companies to achieve this goal. Earlier this year, Axis acquired Cars on Credit Financial, a Canadian independent, nonprime auto lender, for $11 million in cash. At the time, the acquisition doubled Axis’ portfolio to nearly $60 million.
For more content like this, attend the Auto Finance Performance & Compliance Summit, slated for May 9-10, at the Omni Dallas. For information, or to register, visit autofinanceperformance.com.
