FinCo Management, a nationwide provider of consumer finance solutions to the used automobile industry, has received a credit facility and additional growth equity investment, both of undisclosed amount, from current and new investors.
The facility, led by Metropolitan Equity Partners, is designed to launch the company’s new Hybrid “BuyHerePayTHERE – CashAdvance” product, which enables dealerships to offer direct financing to deep subprime customers without running an entire finance department. The capital will enable FinCO to advance over $30m to dealerships over the next eighteen months.
A licensed/approved as a retail sales finance company in 30 states, and represented as by a network of independent sales reps, FinCo is led by CEO Toby Reiley.
Bill Mahoney and David Kornbluth have joined the Board of Directors of the company, which also includes Treasurer Jay Hole, and Reiley.