Automotive Credit Corporation Completes Acquisition of Top Finance
Automotive Credit Corporation Expands Footprint in California and Expands Senior Credit Facility with Wells Fargo, Bank of America Business Capital and Woodforest National Bank
Southfield, MI September 21, 2017—Automotive Credit Corporation (ACC), a leading originator of subprime automotive finance loans, announced today that it has completed an acquisition of Top Finance Company from the Platinum Group of Companies, Inc. of West Hills, CA for undisclosed terms.
About Automotive Credit Corporation
Automotive Credit Corporation was founded by James Blasius in 1992, and is based in Southfield, Michigan. For the past twenty-five years the Company, alongside several other auto and financial entities run by Mr. Blasius, has primarily focused on providing sub-prime financing to independent dealerships in the Midwest, Southeast, and Mid-Atlantic markets. In the fourth quarter of 2015 the Company expanded its markets to include Arizona, California and Nevada.
“Dave Mandel and the Top Finance team have done a fantastic job building a solid and successful operation,” stated Jim Blasius, President of ACC. “The acquisition combines the strengths of ACC and Top, leveraging our combined management expertise and Top’s market knowledge to expand our California footprint. We look forward to bringing together the two companies and better serve our partner dealers.”
“Our growth is made possible because of our strong relationships with our banking partners,” said John Cavanaugh, Chief Financial Officer of ACC. “We appreciate the support we have received from Wells Fargo for the last 8 years and from Woodforest National Bank who joined our senior credit facility last year. The acquisition of Top has enabled us to add Bank of America Business Capital to our bank group nearly doubling the size of the facility. With the credit facility now in place, ACC can continue to focus on prudent management and conservative growth.”
About Top Finance
Top Finance Company, Inc. is a consumer finance company engaged in purchasing and servicing retail installment sales contracts from the sale of vehicles by independent and franchised auto dealerships located throughout the state of California. The Company was founded by David Mandel in 1999 to support auto dealerships in which he had invested or owned, and he has served as CEO since the Company’s inception, along with a management team averaging over twelve years of tenure. Under Mr. Mandel’s leadership, Top Finance has grown from a small funding source for a limited group of dealerships to a regional auto finance company serving over 400 dealers across the state of California.
“David and his team have built an incredibly strong business, and are highly respected in both the dealership and finance communities. We look forward to working together to leverage both company’s strengths as we build both the ACC and Top financing programs within the California market. The complementary business models offer the opportunity to scale our market presence, particularly in the west” commented Michael Opdahl, Chief Operating Officer of Automotive Credit Corp.
“From my working with ACC and their management team throughout the acquisition process, I believe our cultures and business models are very compatible and the two teams together will be stronger than either alone. I am excited about the future of the new company, and the growth opportunities it affords our team members” stated David Mandel.
FalconBridge Capital Markets, LLC managed the sale process and served as exclusive financial advisor to The Platinum Group of Companies, Inc.