Car Capital Relaunches, Expands

By Staff Writer May 12, 2023

Car Capital, a provider of a financing program for auto dealers, announced a relaunch into the Midwest and Southeast and expansion to Western states. Car Capital’s proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALS), allows franchise and independent dealers to make 24/7 immediate auto loan decisions for up to 100% of their customers.

Following a period of rebuilding, Car Capital unveiled its new management team. Jim Landy, a seasoned entrepreneurial veteran, has joined the company as its new chief executive officer.

“We are very pleased and excited to have Jim on board leading the next stage of growth for the company,” said Brian Reed, Car Capital’s chairman. “His background starting and building FinTech companies providing financing to consumers without prime credit is unmatched.”

The company has also added John McWilliams as its new chief financial officer. McWilliams has been a senior executive in FinTech and auto finance with over three decades of experience. In addition, John O’Dowd joined Car Capital as its new chief risk officer. O’Dowd has over 20 years of experience managing credit risk and portfolio performance for credit-challenged consumers on a national scale.

Car Capital also recently closed two capital transactions with a third transaction closing at the end of May. In April, Car Capital closed a forward flow transaction with a private credit fund manager that provides up to $50 million in liquidity and on May 9 closed the last funding under an $8.76 million (including convertible notes) Series C equity financing. The company is expected to close a $3.7 million Series C-1 equity financing on May 31.

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Last modified on Friday, 12 May 2023 00:59