SAFCO adds Colombian finance company as strategic partner
Southern Auto Finance Co. (SAFCO) is adding some international support to its operation that focuses on the subprime auto finance market.
Last week, SAFCO announced that Colombia-based Finanzauto has acquired a minority equity stake in the company.
SAFCO said this strategic move “aligns perfectly” with the company’s vision of broadening its portfolio and accelerating growth in markets that are “consistent with their target underbanked demographic.”
Finanzauto is one of the top finance companies in the Colombian automotive market, having been in business for more than 53 years. Finanzauto is owned and controlled by Colombian business group SEISSA that has more than 90 years of operational experience.
Finanzauto also is one of the first issuers asset-backed securities in Colombia that were AAA rated by Fitch Ratings.
SAFCO explained Finanzauto´s “significant” investment marks an important milestone in its growth, calling it a mutually beneficial partnership that leverages the respective strengths of both organizations.
“Our partnership with Finanzauto heralds an exciting new chapter for SAFCO. Together, we embark on a journey filled with prospects and enhanced capabilities, positioning us to explore new horizons and achieve unparalleled success,” SAFCO chief executive officer George Fussell said in a news release.