Pelican Auto Finance, LLC Announces New Initiatives to Support Expansion Plan
Cherry Hill, NJ – April, 7 2013 – To coincide with Pelican Auto Finance, LLC’s (“Pelican”) recent announcement on February 1, 2013 of an initial equity investment from funds affiliated with private equity firm Flexpoint Ford, LLC (“Flexpoint Ford”); Pelican has formally announced the Company’s expansion plan. Flexpoint Ford has been granted the option to invest up to $50 million in the aggregate in Pelican.
Pelican has announced the hiring of Regional Sales Representatives in the following areas: Pennsylvania, Maryland, North Carolina, Texas, South Carolina and a broker in Northern New Jersey. These key hires, along with the existing sales team, provide Pelican the field presence to service both franchise and independent dealers in the Mid-Atlantic region and Texas, as previously announced.
“The Pelican management team is concurrently building the operational infrastructure to support the expansion of the contract growth generated by the expanding sales team,” said Troy Cavallaro, Chief Executive Officer of Pelican. “We will continue to build our production and collection facilities to support the sales growth while striving to provide unparalleled service to our dealer partners."
Additionally, Pelican announced the launch of their “Three Pronged Initiative” that outlines their focus on winning in the marketplace:
Unparalleled Service led by “best in class” credit specialists who are on the ready to directly converse and structure win- win deals. Additionally the expansion of Pelican’s already expansive installer network will further improve speed and eliminate the hassle of GPS installations for dealers.
Speed of decisioning providing 15 minute application decision times from 9am-8pm EST Monday through Friday (9am- 6pm Saturday). Pelican’s new TURBO Funding program, that will be announced later this week, is designed to deliver 3 day funding turn times on clean packages.
Competitive Pricing from Pelican’s further improved scorecard that delivers the most competitive pricing in the industry.
“The ‘Three Pronged Initiative’ will further fuel our contract growth and establish Pelican as a leader in our market”, said Joel Kennedy, COO of Pelican. “Pelican is committed to becoming a nationally recognized leader in the deep sub prime space.”
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