Manheim expands its remarketing and dealer services into subprime finance.
Buying DriveTime’s Go Financial gets Manheim deeper into independent dealer market through Next Gear Capital.
- Manheim signed deal to purchase “stake” in Go Financial
- Go Financial is/was owned by Ernie Garcia’s DriveTime company
- Deal creates one stop approach to independent dealer operations
- Gives Next Gear Capital an additional foothold in sub prime
- Independent dealers need cash flow financing & title management
- Go Financial will operate independently from Manheim and DriveTime
- Provides closer collaboration & involvement with mutual customers
- No mention of the purchase price, only that it comes down in June