capital

Car Capital scores $150 million in backing for its instant car loan approval technology

A large New York private equity firm is providing a $150 million credit line over the next three years to a Grapevine startup that makes it easier for auto dealers to make instant vehicle loans, regardless of credit history.

Car Capital announced the “milestone transaction” Tuesday with affiliates of Fortress Investment Group. Fortress also is investing over $6 million in the company.

The equity and debt investments will let Car Capital fund more dealers and “underserved consumers” wanting to buy vehicles, according to the company. Its proprietary Dealer Electronic Auto Loan System allows dealerships to instantly approve 100% of customers.

“We are very pleased to partner with Fortress, [which] has a long history of providing capital to fintech and automotive companies,” Car Capital co-founder and CEO Justin Tisler said in a statement.

Fortress Investment Group, founded in 1998, had more than $54 billion in assets under management as of Sept.

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FinTech Car Capital: $150M Credit Facility

Car Capital, the automotive FinTech car company, has closed a $150 million three-year secured credit facility, a press release says.

That will also come with debt needed to help grow the business, which will fund more dealers and bolster the number of underserved customers wanting to buy vehicles.

“We are very pleased to partner with Fortress who has a long history of providing capital to FinTech and automotive companies,” said Justin Tisler, co-founder and CEO at Car Capital. “The commitment, both on the debt and equity side, of such a respected market participant is a testament to our business model, team, and market opportunity.”

Car Capital’s dealer partners will make use of its Dealer Electric Auto Loan System (DEALS) fully digital platform to instantly approve deals for customers without respect to credit history. DEALS will allow for dealers to make 24/7 approval decisions based on the individualized economics

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Car Capital Welcomes Steve Kline as Chief Risk Officer

Published: Dec. 21, 2021 at 6:47 AM MST|Updated: 21 hours ago

GRAPEVINE, Texas, Dec. 21, 2021 /PRNewswire/ — Car Capital, an automotive FinTech company that enables their dealer partners to make 24/7 instant auto loan decisions, has once again enhanced their leadership team with the addition of Steve Kline as their chief risk officer.

Car Capital provides dealers with capital and advanced technology to help all consumers buy the...
Car Capital provides dealers with capital and advanced technology to help all consumers buy the cars they need. (PRNewsfoto/Car Capital)

With his extraordinary business risk management background in financial services, particularly in automotive, Kline sets Car Capital up for increased profits and productivity. Kline’s proven ability to hire and manage highly skilled analytical and statistical modeling teams will further the company’s endeavors to proactively identify and address technological, regulatory, and competitive challenges.

Prior to joining Car Capital, Kline was SVP and group manager, credit risk at Bank of the West; SVP and

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Cory R. Cox Joins Car Capital as Chief Revenue Officer

Published: Dec. 7, 2021 at 3:47 AM HST|Updated: 37 minutes ago

GRAPEVINE, Texas, Dec. 7, 2021 /PRNewswire/ — Car Capital, an automotive FinTech company that makes 100% automated instant approvals possible for their dealer partners, is pleased to welcome Cory R. Cox as their Chief Revenue Officer.

Car Capital provides dealers with capital and advanced technology to help all consumers buy the...
Car Capital provides dealers with capital and advanced technology to help all consumers buy the cars they need. (PRNewsfoto/Car Capital)

With his impressive background in automotive and software, Cory is an exciting addition to our leadership team.

A notable leader in growth-oriented sales, marketing, and operations, Cox has extensive experience in the areas of analytics, data, platforms, and software start-ups and programs. His strengths in automotive, SaaS, digital, and product management, combined with an enthusiasm to work in the trenches while in a leadership role, make Cox an ideal fit to help Car Capital further scale their business.

Before

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