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Investor Consortium Purchases Non-Prime Auto Finance Lender Triad
The 16-Year-Old Company Announces New Owners, as it Looks to a Future of
Growth and Strengthening Relationships With Customers, Employees and
HUNTINGTON BEACH, Calif., May 2 /PRNewswire/ -- Triad Financial Corp.
has been purchased by a consortium of investment firms led by Gerald J.
Ford, President of Hunter's Glen/Ford Ltd. and former Chairman and CEO
of Golden State Bancorp, and including GTCR Golder Rauner LLC, a major
private equity firm, and Goldman Sachs & Co, a major investment bank.
Dearborn-based Ford Motor Credit Company is the seller. Ford Motor
Credit has owned and operated Triad as a wholly-owned subsidiary since
June 1999. The transaction closed on April 29th.
"The new Triad owners plan to capitalize on the company's strengths and
momentum in the non-prime auto financing market," said Jim Landy, who
will remain CEO of the 16-year-old company. Landy, Triad's founder, will
also be on the company's Board of Directors, invest in the company and
will report to the Chairman of the Board Gerald J. Ford.
"In the last six years, we've grown from $500 million to nearly $4
billion in managed receivables and we're on pace to originate more than
$2 billion in auto finance contracts this year, continuing the positive
trend from last year's record earnings," Landy said.
"We're thrilled to be partnering with such a quality group of investors
whose tremendous financial backing and industry savvy will enable us to
continue to grow our market share and to provide financial services that
deliver superior performance and profitability," continued Landy. "We
have a bright future and look forward to building on our strong
Triad's track record of success is attributed to the company's
proprietary pricing models and unique performance culture, driven by
talented employees who stay focused on the customer. Triad's 1,200
employees are based in the company's Huntington Beach, Calif.
headquarters and a regional center in North Richland Hills, Texas, as
well as a field-based sales force.
"The Triad team will continue to execute the company's successful
strategies and programs," Landy said. Customers, including the 5,000
automotive dealers Triad works with across the country, also can expect
the same great service and attention to customer satisfaction that they
have enjoyed for the past 16 years," he added.
"The change in ownership will be transparent to our customers and
employees, and will allow us to continue to take advantage of market and
growth opportunities," commented Landy. "We will continue to execute the
same successful strategy, with the same passionate employees,
competitive programs and powerful dealer relationships that have served
us well over the past 16 years."
About Triad Financial
Triad Financial Corporation specializes in non-prime auto financing.
With a strong foundation in the automobile industry, approximately 1,200
employees and just under $4 billion in auto finance receivables, Triad
provides innovative solutions and distinctive customer service to more
than 5,000 new and used car dealerships throughout the United States.
Triad is headquartered in Huntington Beach, Calif. and has a regional
office in North Richland Hills, Texas. For more information, visit
www.triadfinancial.com or call (800) 898-6076.
Source: Triad Financial Corp.