Exeter Finance Opens New Servicing Center to Accommodate Significant Growth

IRVING, TEXAS – Exeter Finance Corp., a specialty auto finance company, announced the opening of a new servicing center that can accommodate up to 500 employees in Irving, Texas. The servicing center is located near the Exeter corporate offices on John Carpenter Freeway.

Approximately 150 employees have moved to the 76,061 square foot facility. Exeter has more than tripled its employee population over the last year, and currently employs almost 600 people in its corporate office, servicing center and 46 branches nationwide that serve dealers across the country.

“Our ability to continue to grow the company amid today’s tough economic conditions is the direct result of the hard work of our dedicated and talented team, and the solid business platform we’ve put in place,” said Mark Floyd, CEO of Exeter. “We’re focused on taking our strategy of providing local market expertise and exceptional, personalized service to dealers in every state. We still see tremendous opportunities ahead.”

In August 2011 Exeter was acquired by Blackstone, and secured a $600 million line of credit, which provided additional funding capacity for the recent growth and expansion. Exeter also completed its first rated term securitization earlier this year, issuing $200 million in notes backed by subprime automobile installment receivables.

Exeter differentiates itself by using a decentralized underwriting process carried out at local branches and controlled through centralized credit policies and a custom-scoring model. Today Exeter manages a portfolio of more than $500 million, an increase of more than 300 percent over the past year.

About Exeter Finance
Exeter Finance Corp. is a specialty auto finance company based in Irving, Texas. Exeter partners with franchised auto dealers throughout the country to make car ownership a reality for borrowers. Building personal relationships and providing the highest level of service to dealers and customers have been key to the company’s success since its founding in 2006. Exeter takes pride in staffing all branch offices with local decision-makers. Auto Dealer Monthly named Exeter the “Top Finance Company for Dealers” in 2010, while Auto Finance News selected Exeter for its Auto Finance Excellence Award in 2011. Please visit www.ExeterFinance.com to learn more.

08/22/12