CarBiz Acquires Star Financial
June 18, 2009
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SARASOTA, Fla. — In a move to expand its role in the buy-here, pay-here industry, CarBiz announced it has acquired Star Financial Services, which has a portfolio of consumer notes.
Since 1966, Star Financial has served as an indirect lender to the auto finance industry in southern California, officials noted.
This strategic acquisition will add more than $10 million to CarBiz's consumer loans portfolio. CarBiz financed the transaction by entering into a $20 million credit facility with Wells Fargo Preferred Capital, according to the company.
Emphasizing the acquisition's impact to the company's growth, Carl Ritter, CarBiz's chief executive officer, said, "The addition of this portfolio will augment our current collection team in Sarasota and the new credit facility with Wells Fargo should provide CarBiz with a stable financial platform to move forward this year."
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