Car Capital, a U.S.-based automotive fintech, announced on Tuesday it completes a $20 million credit line with Medalist Partners. Car Capital reported that the transaction gives it access to capital to expand its business, fund deals, and ultimately get consumers into cars. Car Capital’s proprietary, web-based platform, Dealer Electronic Auto Loan System (DEALS) allows franchise and independent dealers to make 24/7 immediate auto loan decisions for 100% of their customers.
Founded in 2020, Car Capital, a wholly-owned subsidiary of Car Capital Technologies, Inc., provides dealers with capital and advanced technology to help all consumers buy the cars they need.
“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.”
Speaking about the credit line, Justin Tisler, Co-founder and CEO at Car Capital, stated:
“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. 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.”
John Slonieski, Director of Private Credit and Partner at Medalist Partners, added:
“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.”