Navigator Holdings LLC Makes Eleven-Week, Sub-Prime Turnaround
Bobby Lazenby Spearheads Turnaround Effort
Last update: 12:05 p.m. EDT Oct. 16, 2008
ATLANTA, Oct 16, 2008 (BUSINESS WIRE) — Eleven weeks after the bankruptcy confirmation of Manchester, Inc., Navigator Holdings LLC (Navigator) has completed its turnaround efforts and has become a viable, solvent company with positive cash flow. The quick turn from red to black was spearheaded by subprime lending expert, Bobby Lazenby.
The Lazenby-guided turnaround was in large part a result of creating sound, centralized business processes including the consolidation of Credit, Loan Services, Custodial, Accounting, Human Resources and Information Technology under one Atlanta roof.
After less than one fiscal quarter, Navigator is providing financing to 450 consumers monthly without the use of an outside lender.
“As many car dealerships are closing from the evaporating credit, Navigator has the ability service, sell and finance loans in excess of $5,000,000 per month based upon the company’s cash flow alone,” Bobby Lazenby stated. “We may be one of the few automobile finance companies in the nation able to make that happen.”
“Navigator Holdings, under Lazenby’s guidance, has turned a bankrupt shell of a public company into a financially stable, fundamentally sound business,” said Richard Benson a senior economist and Harvard alumni.
When Lazenby assumed control of the assets of Manchester Inc. in early July, the company was drowning in bad loans and had defaulted on a mountain of debt. It was working under a fast growth business model which lent little credence to the credit worthiness of the borrower. This, compiled with poor systems and controls, proved to be a recipe for failure. In guiding the turnaround efforts, Lazenby was able to change the business model to one taking advantage of technology and implement controls more suitable for today’s economy.
“As banks and other lending institutions continue to tighten credit, Navigator’s finds itself ahead of the curve, and in a position to earn higher yields on less risk than was possible in the past ten years,” stated Lazenby. “Our ability to sell and replace our inventory without a floor plan speaks volumes about our business model”.
Navigator Holdings, LLC owns and operates 8 independent automobile dealerships (“Navigator Dealer Group LLC”) and a captive finance company (“Navigator Acceptance LLC”). Navigator dealerships specialize in selling transportation and utility vehicles and are conveniently located throughout the states of Georgia and Indiana. In addition to selling cars and assisting consumers in obtaining financing through normal financing channels, Navigator Acceptance specializes in providing financing directly to those consumers with other than prime credit.
SOURCE: Navigator Holdings LLC
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