Perella Weinberg Partners said Monday that its Asset Based Value strategy, which is made up of multiple funds, has partnered with Jim Landy to launch CarFinance Capital. Irvine, Calif.-based CarFinance is a direct and indirect automobile finance company catering to the non-prime market. Perella Weinberg’s Asset Based Value strategy, started in 2008, manages more than $1 billion in equity capital through different investment vehicles. Landy is the founder and former CEO of Triad Financial Corp. He will be CarFinance’s president and CEO.
Perella Weinberg Partners and CarFinance Capital LLC today announced that Perella Weinberg Partners’ Asset Based Value strategy has partnered with auto finance industry veteran Jim Landy to form CarFinance Capital LLC, a direct and indirect automobile finance company catering to the non-prime market.
Based in Irvine, California, CarFinance Capital will initially launch on the West Coast, with plans to expand to Texas in June and to continue to roll out across the U.S. throughout the remainder of 2011. Certain funds within the Asset Based Value strategy have committed capital to fund the company’s growth.
CarFinance Capital will be led by the experienced management team who previously built and operated Triad Financial Corporation, which was one of the largest non-prime auto finance companies in the U.S. Jim Landy, Triad’s founder and CEO from 1989 to 2005, will serve as President and Chief Executive Officer of CarFinance. Three additional former Triad executives, Dennis Morris, Jeff Butcher and John O’Dowd, will serve as CarFinance’s Chief Operating Officer, Chief Financial Officer and Chief Credit Officer, respectively.
David Schiff, Partner at Perella Weinberg Partners and Portfolio Manager of the Asset Based Value strategy, stated, “We are excited to be partnering with this group of talented and proven executives. Jim and his team have had tremendous success leading one of the nation’s largest auto-finance companies. We look forward to working with them to leverage their collective experience and to build upon their past track record to meet increasing market demand while becoming a premier player in the non-prime market.”
Jim Landy, CarFinance’s Chief Executive Officer said, “A significant portion of the non-prime lending supply disappeared during the recession, leaving dealerships underserved as demand for non-prime auto loans comes storming back. There is a clear and growing need in the non-prime auto financing segment for more customized, dealer-friendly financial solutions, and CarFinance Capital was founded to fill this gap with a superior dealer process that delivers more consistency, flexibility and one-on-one support than some of the more rigid, mechanized players.”
Mr. Landy added, “CarFinance has the right leadership and the right strategy in a sector that we believe is poised for significant growth. Our experienced team looks forward to renewing relationships with the thousands of dealers with whom we’ve had such a long successful history.”
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 $1 billion in equity capital through a number of different investment vehicles. It can deliver significant capital, technical expertise and infrastructure in a wide range of asset classes and structures, including both real and financial assets. The strategy strives to diligence and execute transactions discretely and efficiently. 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.
About Perella Weinberg Partners
Perella Weinberg Partners is a leading independent, client-focused financial services firm that provides corporate advisory and asset management services to clients around the world. Launched in 2006, the Firm is a private limited partnership with approximately 340 employees recruited from a wide variety of leading financial institutions.
With over 100 employees, the Firm’s asset management activities include a suite of hedge fund strategies, private capital and a multi-manager business. Investments made through these strategies include most major asset classes on a global basis, including equities, fixed income, asset based securities, distressed securities, private investments and real estate. The global asset management business, including affiliates, has capital commitments and managed assets of approximately $7.9 billion.
The corporate advisory business provides high quality, independent advice and transaction execution capabilities, including mergers and acquisitions, exclusive sales, defense advisory, financial restructuring, private capital and pension advisory.
The Firm has offices in New York, London, Abu Dhabi, Denver, Austin and San Francisco. Biographies and additional information are available at www.pwppartners.com.
About CarFinance Capital LLC
CarFinance Capital LLC, headquartered in Irvine, CA, is a newly formed non-prime auto finance company which partners with franchise auto dealers to provide credit services to non-prime consumers. Led by Chief Executive Officer Jim Landy and a team of seasoned executives, CarFinance provides reliable credit assistance including funding, lending options, and deal-structuring flexibility, enabling auto dealers to meet the increasingly complex needs of today’s non-prime automobile customers. For more information, visit www.carfinance.com or call (800) 900-5150.