AP NEWS

Avid Acceptance, LLC Announces Warehouse Facility with JPMorgan Chase

November 12, 2018

SALT LAKE CITY--(BUSINESS WIRE)--Nov 12, 2018--Avid Acceptance, LLC (“Avid” or the “Company”) today announced the completion of an asset-backed warehouse facility arranged by JPMorgan Chase Bank, N.A. The facility was established to provide additional liquidity to support the Company’s short-term and long-term growth strategies and diversify the Company’s funding model. The facility offers competitive pricing that will directly reduce the Company’s interest expense.

“This new credit facility, combined with our inaugural asset-backed securitization earlier this year, will further strengthen our diverse funding strategy,” said Curtis Ash, the Company’s Chief Financial Officer. “We’re pleased to partner with a leading global financial services firm like JPMorgan Chase.”

About Avid Acceptance, LLC

Avid Acceptance, LLC is a privately held consumer finance company that offers specialty automobile financing to consumers through its network of dealers. The Salt Lake City based Company was founded in 2009.

Avid is a diversified financial services firm specializing in purchasing and servicing retail automobile contracts originated by its network of franchised and select independent dealers in the United States. The Company provides indirect financing through its automobile contract purchases, serving as an alternative source of financing for auto dealerships.

The Company is part of Avtech Financial Group, an association of companies that provide a range of financing and servicing solutions to clients throughout the United States. The Avtech Financial Group of companies provide large and small-scale real estate financing options for commercial real estate, equipment leasing for many types of equipment and software in multiple industries, and consumer automobile financing. For more information, please visit www.avtechfinancialgroup.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181112005799/en/

CONTACT: Avid Acceptance, LLC

Curtis Ash, 801-944-3312

cash@avidac.com

or

Marcus Tarbet, 801-365-3639

mtarbet@avidac.com

KEYWORD: UNITED STATES NORTH AMERICA UTAH

INDUSTRY KEYWORD: AUTOMOTIVE AFTERMARKET PROFESSIONAL SERVICES FINANCE COMMUNICATIONS ADVERTISING MARKETING GENERAL AUTOMOTIVE

SOURCE: Avid Acceptance, LLC

Copyright Business Wire 2018.

PUB: 11/12/2018 05:39 PM/DISC: 11/12/2018 05:38 PM

http://www.businesswire.com/news/home/20181112005799/en

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