Chadds Ford, PA – September 2, 2015
Pelican Auto Finance, LLC, a leading specialty auto finance company, announced the closing of a new $100 million warehouse funding facility with Wells Fargo Securities, LLC. The facility represents a substantial expansion and extension of Pelican’s previous funding capacity. 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. We remain extremely excited about our partnership with Troy and his team” said Chuck Glew, Managing Director, Flexpoint Ford, LLC. “The new Wells Fargo credit facility will allow the Company to offer a more complete lending solution to dealers and will support further geographic expansion.”
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. Please visit www.pelicanaf.com to learn more.