Two subprime auto finance veterans have taken an undisclosed equity stake in Horizon Digital Financial Holdings Inc. and plan to sign new lenders to subsidiary MyAutoLoan.com, a digital marketplace lender.
Mark Floyd, who previously served as chief executive of Exeter Finance Corp. and chief operating officer of AmeriCredit Corp., will come out of retirement (again) to run Horizon as chairman and chief executive. Kenneth Wardle, whose credentials also include stints at Exeter and AmeriCredit, will serve as Horizon’s chief operating officer.
MyAutoLoan began operations in 2003 as a direct-to-consumer-finance marketplace, and the new leadership hopes to grow the Irving, Texas-based company’s network of captives and banks. “Kenneth and I can bring some value from our relationships over the last 20 years, in that we can bring some more players to the company and work with the existing clients to see if we can enhance what we bring to them,” Floyd told Auto Finance News, though he declined to disclose any lender clients.
Several fintech players have entered the space since MyAutoLoan launched, but “we’re not trying to set the world on fire and be the biggest company in the space,” he added. “The auto finance market is significant and will be for some time, so there is a lot to go around.”
Source : AutoFinanceNews