Car Capital paused originations, reduced its workforce and shifted contract servicing to Westlake Financial last November because of “difficult capital market conditions.”
On Thursday, Car Capital reemerged with a new leadership team set to do business now in the Midwest and Southeast with an expansion into the West in the works.
Among the members of the new management team is seasoned entrepreneurial veteran Jim Landy, who 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,” Car Capital chairman Brian Reed said in a news release. “His background starting and building FinTech companies providing financing to consumers without prime credit is unmatched.”
The company also has added John McWilliams as its new chief financial officer. McWilliams has been a senior executive in fintech and auto finance with more than three decades of experience.
In addition, John O’Dowd has joined Car Capital as its new chief risk officer, bringing more than 20 years of experience managing credit risk and portfolio performance for credit-challenged consumers on a national scale.
Car Capital said it 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. Both the Series C and C-1 were led by existing shareholders.
The Series C-1 is fully subscribed; however, Car Capital will consider incremental equity investments from existing and new investors.