Regional Management Expands into Georgia
January 04, 2013
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GREENVILLE, S.C. — Regional Management Corp., a diversified
specialty consumer finance company, revealed the expansion of its auto lending operations
into Georgia today, raising its footprint to eight states.
The newest location is a new AutoCredit Source branch in
Atlanta. The development comes on the heels of the company's recent opening of
a new AutoCredit Source branch in Austin, Texas.
Collectively, ACS Atlanta and ACS Austin represent the fifth
and sixth ACS branches in major metropolitan markets, following the successful
launch of ACS branches in Charlotte, N.C., Dallas, Houston and San Antonio.
The branches are also the company's 222nd and 223rd
locations and continue Regional Management's de novo expansion in the
Southeastern and Southwestern U.S., as the company also has sites in South
Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma and New Mexico.
"The AutoCredit Source brand and unit has been a successful
extension of our business since we opened the first branch in early 2011, and
the opening this week of ACS branches in Atlanta and Austin represent a
continuation of our indirect auto lending strategy focusing on major metro
markets," said Thomas Fortin, chief executive officer of Regional Management.
"We are excited to provide Atlanta residents with a new source
for their indirect auto lending needs, while at the same time providing us with
a beachhead to establish additional de novo branches for our various product
offerings in Georgia," Fortin continued.
Auto lending currently represents approximately 42 percent
of Regional's overall lending dollar asset base, and indirect auto lending
currently encompasses approximately 15 percent of Regional's total auto lending
asset base.
"Accessing the indirect channel through our ACS locations
enables us to introduce our products to higher credit score consumers who shop
on franchised dealer lots for new and used cars, as well as to finance lower
mileage, newer vehicles that represent better collateral," Fortin said.
"Our indirect lending strategy complements our traditional
direct lending model to used car dealers through traditional Regional branch
locations and further supports our cross-selling activities," he went on to
say.
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