Pelican Auto Finance LLC said Wednesday that it closed a $100 million warehouse funding facility with Wells Fargo Securities LLC. Pelican, a portfolio company of Flexpoint Ford LLC, is a specialty auto finance company.
CHADDS FORD, Pa., Sept. 2, 2015 /PRNewswire/ — Pelican Auto Finance, LLC, a leading specialty auto finance company, announced the closing of a new $100MM warehouse funding facility with Wells Fargo Securities, LLC. The facility represents a substantial expansion and extension of Pelican’s previous funding capacity. The new warehouse funding represents an important milestone in Pelican’s evolution, allowing Pelican to increase penetration with existing dealers and execute on geographic expansion.
“We are pleased to partner with Wells Fargo to fund our continued portfolio growth,” said Troy Cavallaro, Chief Executive Officer at Pelican Auto Finance, LLC. “This significant financing commitment bolsters Pelican’s plans to be a major, long-term player in the deep sub-prime auto finance space.”
“Pelican is building a best-in-class sub-prime auto finance platform with a focus on high customer service standards. We remain extremely excited about our partnership with Troy and his team,” said Chuck Glew, Managing Director, Flexpoint Ford, LLC. “The new Wells Fargo credit facility will allow the Company to offer a more complete lending solution to dealers and will support further geographic expansion.”
About Pelican Auto Finance
Pelican Auto Finance, LLC originates, finances, and services deep sub-prime automotive retail installment contracts in 30 states. Operating with offices in San Diego, CA and Chadds Ford, PA, Pelican’s senior management team has over 100+ years in the sub-prime automobile finance space. Pelican Auto Finance, LLC, founded in February 2013 includes all senior management and employees of a predecessor company, Pelican Resource Group, LLC. Founded in 2009, Pelican Resource Group, LLC established a successful track record of providing dealership financing solutions in the deep sub-prime space. Please visit www.pelicanaf.com to learn more.
About Flexpoint Ford, LLC
With offices in Chicago and New York, Flexpoint Ford is a private equity investment firm with $2.3 billion under management, specializing in privately negotiated investments in the financial services and healthcare industries. Since the firm’s formation in 2005, Flexpoint Ford has invested in more than 25 companies across a broad range of sizes, structures and asset classes. Please visitwww.flexpointford.com to learn more.
SOURCE Pelican Auto Finance, LLC