Flagship Credit Acceptance Announces Inaugural Issuance of $109 Million Asset-Backed Securitization
CHADDS FORD, PA – Flagship Credit Acceptance LLC (“Flagship”), a national indirect automobile finance company, today announced the issuance of its first asset-backed securitization of $109 million, which was completed on July 12, 2012.
The securitization will increase Flagship’s liquidity position and will allow the Company to further grow its auto finance business. As part of the securitization, Notes were issued in four tranches and were assigned ratings by Standard & Poor’s Ratings Services and Kroll Bond Rating Agency.
Michael Ritter, Founder and Chief Executive Officer of Flagship, said, “We are delighted about this transaction. Access to the capital markets, especially in today’s economy, is critically important and necessary to achieving long-term growth and success in the auto financing industry. This securitization is a major step in Flagship’s evolution as a nationally recognizable lender in the below-prime financing sector, and we anticipate being a regular issuer of asset-backed securities in the future.”
Flagship currently employs over 100 professionals who focus on a customer service driven lending model. The Company provides financing to consumers with limited access to traditional financing sources through its broad network of over 2,000 dealer relationships -- predominantly franchise -- across 31 states.
About Flagship Credit Acceptance LLC
Flagship Credit Acceptance LLC is a national indirect automobile finance company which purchases retail installment contracts from automobile dealership financing to below-prime consumers for purchases of new and late model used vehicles. Flagship is headquartered in Chadds Ford, Pennsylvania. The Company is an affiliate of Perella Weinberg Partners’ Asset Based Value strategy. For more information about Flagship, visit http://www.flagshipacc.com or call (800) 707-0114 (ext.1981).
About Perella Weinberg Partners’ Asset Based Value Strategy
Perella Weinberg Partners’ Asset Based Value strategy is a leading post-financial crisis provider of U.S. specialty finance solutions. Since inception in 2008, the strategy has grown to manage in excess of $2.0 billion in equity capital through a number of different investment vehicles. Perella Weinberg Partners’ Asset Based Value strategy can deliver significant capital, technical expertise and infrastructure in a wide range of asset classes and structures, including both real and financial assets. Capital for the strategy is contributed by, among others, a diversified group of institutional investors who seek to invest in compelling opportunities at favorable valuations.