Avid Acceptance, LLC Announces Warehouse Facility with JPMorgan Chase
November 12 2018 - 5:39PM
Business Wire
Avid Acceptance, LLC (“Avid” or the “Company”) today announced
the completion of an asset-backed warehouse facility arranged by
JPMorgan Chase Bank, N.A. The facility was established to provide
additional liquidity to support the Company’s short-term and
long-term growth strategies and diversify the Company’s funding
model. The facility offers competitive pricing that will directly
reduce the Company’s interest expense.
“This new credit facility, combined with our inaugural
asset-backed securitization earlier this year, will further
strengthen our diverse funding strategy,” said Curtis Ash, the
Company’s Chief Financial Officer. “We’re pleased to partner with a
leading global financial services firm like JPMorgan Chase.”
About Avid Acceptance, LLC
Avid Acceptance, LLC is a privately held consumer finance
company that offers specialty automobile financing to consumers
through its network of dealers. The Salt Lake City based Company
was founded in 2009.
Avid is a diversified financial services firm specializing in
purchasing and servicing retail automobile contracts originated by
its network of franchised and select independent dealers in the
United States. The Company provides indirect financing through its
automobile contract purchases, serving as an alternative source of
financing for auto dealerships.
The Company is part of Avtech Financial Group, an association of
companies that provide a range of financing and servicing solutions
to clients throughout the United States. The Avtech Financial Group
of companies provide large and small-scale real estate financing
options for commercial real estate, equipment leasing for many
types of equipment and software in multiple industries, and
consumer automobile financing. For more information, please visit
www.avtechfinancialgroup.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20181112005799/en/
Avid Acceptance, LLCCurtis Ash,
801-944-3312cash@avidac.comorMarcus Tarbet,
801-365-3639mtarbet@avidac.com