Ralph T. Finkenbrink, 55, will retire from Nicholas Financial Inc. as its president and chief executive on September 30, 2017, the company announced Monday.
Finkenbrink will also resign as a director and chairman of the board, effective as of the date of the Company’s 2017 Annual General Meeting of Shareholders, which is expected to be held prior to the end of September 2017, the release stated. The company expects to initiate shortly a search for a replacement.
Finkenbrink has been the chief executive officer and president of Nicholas Financial since May 31, 2014, according to S&P Global Market Intelligence. He joined Nicholas Financial in 1988 and has previously served as the lender’s chief financial officer, chief accounting officer, senior vice president of finance, and and secretary.
The company did not respond to Auto Finance News’ request for comment by press time.
The Clearwater, Florida-based Nicholas Financial operates a network of 64 branch offices in Southeastern and Southwestern U.S. states. The company purchased $42.6 million in auto contracts for the three months ending March 31, down from $45.1 million during the same period last year, the company reported in its latest earnings report. Gross outstandings for its indirect loans came in at $498 million, up from $482 million the year prior.
Nicholas Financial said its net earnings have been adversely affected, “Primarily by an increase in the provision for credit losses due to higher charge-offs and past-due accounts along with a reduction in the gross portfolio yield” since 2016. Therefore, starting in January 2017, it started to create a centralized funding department to review approved applications prior to funding the contract to the dealer.
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