GRAPEVINE, Texas, Jan. 11, 2022 /PRNewswire/ — Automotive FinTech company, Car Capital, has closed a $150 million three-year secured credit facility and a $6.125 million equity investment from funds managed by affiliates of Fortress Investment Group. This milestone transaction provides Car Capital with the debt needed to continue to expand their rapidly growing business, fund more dealers, and increase the number of underserved consumers who want to purchase a vehicle.
“We are very pleased to partner with Fortress who has a long history of providing capital to FinTech and automotive companies,” said Justin Tisler, co-founder and CEO at Car Capital. “The commitment, both on the debt and equity side, of such a respected market participant is a testament to our business model, team, and market opportunity.”
Through their proprietary, fully digital platform, Dealer Electronic Auto Loan System (DEALS), Car Capital allows their dealer partners to instantly approve 100% of their customers, regardless of credit history. With DEALS, dealers have the ability to make 24/7 approval decisions based on the economics of each unique car and consumer. And dealer partners get back-end profit based on performance, not a minimum portfolio size.
“Car Capital has built an exceptional business powered by proven, innovative technology and a business model that delivers substantial benefits to consumers and dealers alike,” said Dominick Ruggiero, managing director at Fortress Investment Group. “We are excited to provide a capital solution that positions Car Capital for significant continued growth in the years ahead.”
About Car Capital
Car Capital, a wholly owned subsidiary of Car Capital Technologies, Inc., was founded to provide dealers with capital and advanced technology to help all consumers buy the cars they need. The executive leadership team, each with decades of experience in the industry, and all their talented associates have joined together to create an exceptional company to make car buying better for everyone. For more information, contact Car Capital at email@example.com or visit carcapital.com.
About Fortress Investment Group
Fortress Investment Group LLC is a leading, highly diversified global investment manager with approximately $54.2 billion of assets under management as of September 30, 2021. Founded in 1998, Fortress manages assets on behalf of approximately 1,800 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies.
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SOURCE Car Capital