GO Financial executives announced on Wednesday that they completed the sale of an additional equity interest in the subprime auto finance company to Manheim through a deal that was effective at the close of this past year.

Last April, the companies revealed Manheim’s initial substantial equity investment in GO Financial, which is owned by Manheim and by DriveTime chairman Ernie Garcia and DriveTime president and chief executive officer Ray Fidel.

In other company news, GO Financial also mentioned that it completed the roll out of its GO Program to all NextGear Capital markets during the fourth quarter.

To recap, qualified NextGear Capital dealers across the country that sell to the expanding subprime market can use GO Financial’s online electronic signature process to join the GO Program.  Participating dealers can access GO Financial’s proprietary online portal to manage their credit approvals and receive fast funding.

Dealers also can leverage GO Financial’s automated direct pay program that’s geared to improve dealer cash flow and access to their NextGear Capital credit line.

“Manheim is our true partner in GO Financial because they provide more than equity capital and access to NextGear Capital dealers,” Garcia said. “Manheim also brings invaluable market experience and leadership.”   

Manheim Financial Services group vice president Patrick Brennan added, “This partnership demonstrates the commitment of Manheim and its parent Cox Automotive to develop, deliver and execute the products and services dealers need to compete, win and grow.

“What every dealer can expect from doing business with our companies is what we are committed to provide — superior value,” Brennan went on to say.