SAFCO Welcomes Finanzauto of Colombia as Strategic Partner

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Jan 18, 2024, 15:35 ET

POMPANO BEACH, Fla. , Jan. 18, 2024 /PRNewswire/ -- Southern Auto Finance Company, LLC ("SAFCO") today announced that Finanzauto has acquired a minority equity stake in the Company. This strategic move aligns perfectly with the Company's vision of broadening its portfolio and accelerating growth in markets that are consistent with their target underbanked demographic.

Finanzauto´s significant investment marks an important milestone in SAFCO's growth. The collaboration with Finanzauto represents a mutually beneficial partnership, leveraging the respective strengths of both organizations. This strategic alliance is anticipated to unlock a wealth of opportunities, not only enhancing SAFCO's market position but also fostering growth prospects for their valued team members.

George Fussell, CEO of SAFCO, expressed his enthusiasm, stating, "Our partnership with Finanzauto heralds an exciting new chapter for SAFCO. Together, we embark on a journey filled with prospects and enhanced capabilities, positioning us to explore new horizons and achieve unparalleled success."

About Finanzauto
Finanzauto is positioned in the Colombian automotive market as a top-tier lender and is the most relevant non-bank entity in the country. Has more than 53 years of experience in the auto finance business, and it is certified as a B Corp, the highest certification in ESG matters; rated by BRC Ratings - S&P Global "AA-" / "BRC1", and audited by KPMG.

First issuer in Colombia of asset-backed securities ("ABS") secured an automotive loan, with 5 outstanding bonds issued rated "AAA" by Fitch Ratings.

The processes of Portfolio placement and collection for vehicle loans ISO 9001:2015 and Neutral Carbon ISO 14064-1:2018, certified by Bureau Veritas Quality International.

Finanzauto is a company owned and controlled by SEISSA a Colombian business group with more than 90 years of experience and stable results throughout its long history. SEISSA is a diversified conglomerate of more than 23 companies which operate in different sectors of the Colombian economy with a proven record and presence throughout the country in the sale and lease of vehicles and machinery, insurance and financial services. SEISSA is a dynamic, customer-focused organization based on high ESG standards and best practices of modern businesses.

About SAFCO
SAFCO is an industry-leading auto finance company with the power to see creditworthiness where others don't. Our proprietary originations system, complete with deep machine learning, enables us to see beyond credit scores and basic alternative data and instead base our decisions on unique, realistic insights that reveal the full credit potential of applicants. SAFCO is headquartered in Pompano Beach, Florida.

Contact: Jason Person
Chief Financial Officer
954-745-2503
[email protected]

SOURCE Southern Auto Finance Company, LLC