GRAPEVINE, Texas – Car Capital, an automotive FinTech company, has closed a $20 millioncredit line with Medalist Partners. This transaction gives Car Capital access to capital to expand their business, fund deals, and ultimately get consumers into cars. Car Capital's proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALSSM) allows franchise and independent dealers to make 24/7 immediate auto loan decisions for 100% of their customers.
We are planning to significantly expand our dealer network and grow our revenue with this additional capital.
"Car Capital is excited to be able to help our dealer partners offer financing to their customers through the debt we've secured with Medalist Partners. We are planning to significantly expand our dealer network and grow our revenue with this additional capital," said Justin Tisler, Co-founder and CEO at Car Capital. "Medalist has been an invaluable partner, first through their contribution to our Series A funding round, and now with this debt deal. We look forward to further building on our relationship with Medalist."
"We're excited to partner with Car Capital to provide their inaugural debt financing following a successful Series A equity round," said John Slonieski, Director of Private Credit and Partner at Medalist Partners. "We believe the extensive experience of the management team, proprietary technology, and innovative lending strategy make this company an ideal fit for a secured debt transaction within our asset-based private credit business."
Car Capital allows their dealer partners to make immediate modifications to deal terms in real-time based on the economics of each unique car and consumer. Dealers make back-end profit off their sales based on performance, instead of requiring them to reach a minimum portfolio size. Car Capital takes pride in how they work together with their dealer partners to ensure everyone in the car-buying process succeeds.
"We are thrilled to work with Medalist to grow our dealer network. The debt capital from Medalist will help us to get more underserved consumers into transportation at a time when many people could use some help," said Brian Reed, Chairman at Car Capital.