FOR IMMEDIATE RELEASE

 

AFS Acceptance Increases Credit Facility to $75M Through Deals With Capital One, Wells Fargo

 

July 31, 2013

 

FORT LAUDERDALE, Fla. — Earlier this week, AFS Acceptance, a full-service auto finance company serving the subprime financing needs of franchised and independent dealers, secured $20 million in subordinate debt to support expansion of its business.

 

The company highlighted the injection of liquidity supports AFS' initiatives to provide robust products and services for both franchise and independent dealers across the country.

 

AFS also said it's pleased to broaden its long-standing relationship with Capital One, the agent of the credit line, and add Wells Fargo as a lender to the newly syndicated $75 million facility.

 

"We have worked closely with AFS for almost 10 years and have watched them evolve and transform into the company they are today, Capital One senior vice president Anita Kennedy said.  "It's an exciting time for them and Capital One is pleased to be a part of their success."

 

Tom Murphy, executive vice president and head of Wells Fargo Preferred Capital, added, "After watching AFS from the sidelines for a few years, we felt the management team was in place to take their company to the next level. The timing was right to partner with them and we are excited to work with AFS for a long time."

 

FalconBridge Capital Markets acted as exclusive advisor to AFS regarding the new capital raise, which gives AFS the flexibility to penetrate new markets and increase market share in the states the company already does business.

 

"We are delighted to have assisted AFS Acceptance," said Bennett Cole, president of FalconBridge Capital Markets, which facilitated the deal. "Dov Szapiro and his management team at AFS have built an outstanding financial services platform, and we look forward to working with the company as they continue to emerge as one of the country's leading subprime auto finance companies."

 

Szapiro, who is chief executive officer of AFS, stressed that the closing of the deals marks the company's transition from a small, local operation to a professionally managed organization.

 

"This is a big day in the history of AFS Acceptance," Szapiro said. "When we started AFS, my brother Uri and I always envisioned working with companies of this caliber and we are grateful for their support and guidance. We would like to thank FalconBridge and Wells Fargo for their support of our expansion plans. Additionally, Capital One has been a true partner over the past decade, without them and the hard work of our great employees, none of this would have been possible."