Truist Bank selling Regional Acceptance wasn’t the only notable merger-and-acquisition development within auto finance to unfold last week.

Atlanticus Holdings Corp. announced that it has completed the sale of its CAR Auto Finance operations to an unaffiliated third party.

Following the transaction, Atlanticus said it will no longer operate an auto finance segment.

According to a news release, total consideration to Atlanticus was approximately $71.2 million, consisting of $56.2 million in cash and a $15.0 million seller note.

Approximately 154 team members associated with CAR are transitioning to the buyer in connection with the transaction.

Atlanticus expects to use the cash proceeds from the sale to reduce debt and invest in higher-growth product lines

Atlanticus positions itself as a financial technology company that enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans.

“We are pleased to announce the completion of the sale of CAR,” Atlanticus president and chief executive officer Jeff Howard said in the news release. “CAR has been a valuable part of Atlanticus for many years, and I want to thank the entire CAR team for their many contributions to our success.

“The transaction strengthens our balance sheet and allows us to concentrate our capital and management resources on the consumer credit products where we see the greatest opportunities for long-term value creation and growth,” Howard added.