Navigator Holdings Rescues Manchester, Inc.
ATLANTA (August 5) – When the economy made its downturn, finance companies were forced to change their business models or quickly fade away. Such was the case with Manchester, Inc., an automobile finance company that was unable to adjust to the rapidly changing economic conditions and was forced into bankruptcy. Rather than liquidate assets, Manchester’s senior lender PBL Capital purchased the company assets and re-organized under the name Navigator Holdings, LLC (Navigator). Under the direction of Chief Restructuring Officer, Bobby Lazenby, the company has centralized administrative processes and redesigned Navigators business model into a technology savvy centralized model that was designed to address current market conditions.
The automotive loan industry, like most finance-related industries, has become strained from a lack of liquidity, tightened credit markets. Manchester, Inc., with it antiquated business processes and aggressive credit practices, was no different. The finance company had become a victim of its own lack direction.
Publicly traded Manchester Inc. was forced into bankruptcy and was reorganized under the private ownership of its senior lender. Chief Restructuring Officer, Bobby Lazenby, a recognized expert in the automobile finance industry, has moved the company away from its entrenched methods of operation while improving the company’s asset quality, locations, technology, inventory and management.
Under Lazenby’s leadership, Navigator has established centralized credit, collections, and loan administration activities along with accounting and other common functions. The holding company continues to operate eight independent automobile dealerships in the states of Georgia and Indiana. Combined with the financing component, Navigator has been able to identify a sustainable business plan, financing in excess of 500 cars each month.
“The foundation of Manchester, Inc. was saved with the creation of Navigator,” said Lazenby. “The company has been completely redesigned, as a result our portfolio quality is improving, and market share is increasing” continued Lazenby.
Navigator’s future is bright, with the company intent on establishing a profitable long term track record. As such the company has no plans to modify the current ownership structure, either through public offerings or private sale.
