Arra Finance announced via social media on Tuesday that it has closed its acquisition of Crescent Bank’s auto-finance division in a move originally revealed in June.

When Arra Finance first announced the acquisition, the subprime auto finance company said Crescent will retain its branch and online retail banking platforms, as well as its commercial lending program, and Arra would become the servicer for Crescent’s $815 million auto loan portfolio.

Crescent had provided nationwide indirect auto lending since 1991.

In the social media post, the company said dealers can submit credit applications to “Crescent (Arra Finance)” in Dealertrack and RouteOne.

“This milestone marks an exciting new chapter as Arra Finance seeks to provide improved service, expanded options, competitive pricing, additional flexibility, e-contracting, and quicker funding,” Arra Finance said. “We are grateful to our team, partners, and vendors who made this possible.”

In June, Arra Finance chief executive officer Kenn Wardle took Cherokee Media Group through the company’s journey.

That journey started at NADA Show 2022 as Solera Auto Finance. Within two months, the company began building a portfolio from paper coming via dealers in 20 states. In August 2024, Obra Capital, an asset management firm with a specialized approach to alternative investing, announced a buyout of the finance company from Solera Corp., rebranding it as Arra Finance after it developed relationships with 6,000 franchise and independent dealerships across 44 states.

And now the acquisition of Crescent Bank’s auto-finance marks another significant achievement.

“Proud to announce that we got this transaction across the finish line today,” Wardle said on social media. “Both teams worked tirelessly the last several months to set the stage for a growing future. I look forward to connecting with our expanded dealer network.”