Pelican Auto Finance, LLC Announces New Expanded $100MM Warehouse Funding Facility - MarketWatch
2, 2015 /PRNewswire/ -- Pelican Auto Finance, LLC, a leading specialty auto finance company, announced the closing of a new $100MM warehouse funding facility with Wells Fargo Securities, LLC. The new warehouse funding represents an important milestone in Pelican's evolution, allowing Pelican to increase penetration with existing dealers and execute on geographic expansion. "We are pleased to partner with Wells Fargo to fund our continued portfolio growth," said Troy Cavallaro, Chief Executive Officer at Pelican Auto Finance, LLC. "This significant financing commitment bolsters Pelican's plans to be a major, long-term player in the deep sub-prime auto finance space. "Pelican is building a best-in-class sub-prime auto finance platform with a focus on high customer service standards. Pelican Auto Finance, LLC originates, finances, and services deep sub-prime automotive retail installment contracts in 30 states. Operating with offices in San Diego, CA and Chadds Ford, PA, Pelican's senior management team has over 100+ years in the sub-prime automobile finance space. Pelican Auto Finance, LLC, founded in February 2013 includes all senior management and employees of a predecessor company, Pelican Resource Group, LLC. Founded in 2009, Pelican Resource Group, LLC established a successful track record of providing dealership financing solutions in the deep sub-prime space. Source: www.marketwatch.com
