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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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Monterey Car Week auctions predicted to break $320 million in sales

Monterey Car Week has returned with a bang.

The annual California gathering was canceled last year due to coronavirus restrictions, but is in full swing for 2021 with a slate of a half-dozen auctions that kicked off with a $34.4 million haul at RM Sotheby’s on Thursday night.

Hagerty estimates that the auctions will pull in over $320 million at an average of over $400,000 per sale, which would for surpass the $255 million total from 2019.

“This year’s Monterey Car Week auctions include excitement around the traditional sectors of the collector car market, like prewar cars and 1950’s Ferraris. However, newer cars may well prove to be the top sellers in 2021,” Hagerty vice president of automotive intelligence Brian Rabold said.

Among the cars sold at RM Sotheby’s was a 1962 Aston Martin DB4GT Zagato, that went for $9,520,000, which Hagerty says

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How Trinny Woodall Built A $250 Million Magnificence Empire In 4 Years

The naming of beauty products is another thing manufacturers should consider extra fastidiously. It’s one thing Arboine says she has “a massive problem with”. The lack of options for girls of color is what triggered Florence Adepoju to create her personal makeup company, MDM Flow, in 2015.

Estée Lauder, the founding father of the company that bears her name, was a visionary and a job mannequin. She was a challenger who proved that anything was attainable — when you dared to dream it and had the heart and gumption to go for it. Ahead of her time in each method, she created and ran one of the world’s most prestigious and progressive firms while serving as a wife, mother and a loyal pal to many. And she did all of it with allure, humor and exquisite style. She liked beauty with a passion and believed wholeheartedly in its energy. After … Read More

Car Salesman Accused of Costing Fiat Chrysler $8.7 Million With Employee Discount Scam

A car salesman in Michigan is being accused of costing Fiat Chrysler Automobiles (FCA) $8.7 million in a wire fraud scam.

The Department of Justice unsealed charges against 34-year-old Apollon Nimo on Friday, charging the Parkway Chrysler Dodge Jeep Ram salesman with wire fraud and conspiracy to commit wire fraud for allegedly orchestrating a seven-year-long scam that involved illegally selling employee discounts to non-qualified car buyers.

Nimo was arrested on Friday and appeared in court before being released on bond. If convicted, he could face up to 20 years in prison.

According to a release from the DOJ, Nimo “improperly trafficked in, used, and sold” the manufacturer’s employee purchase control numbers (EPCNs) through private Facebook groups from 2014 through the present. Nimo’s use of EPCNs not only provided discounts to non-qualified customers, but also aided him in becoming the top Fiat Chrysler seller in 2018 and 2019.

“The complaint further

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