Exeter Finance Corp., a specialty auto finance company, announced it has named financial industry veteran Mark Floyd as CEO and vice chairman of the board.
Floyd has a longtime history with Exeter’s founders, Sam Ellis, Richard Frunzi, Daniel Parry and Kenneth Wardle, as well as Exeter board member Ed Esstman, as the entire group previously worked closely together while all were at AmeriCredit Corporation. Floyd spent more than 12 years in various executive positions at AmeriCredit, including the roles of co-COO and COO.

“Mark is a veteran auto finance executive who brings experience in successfully building and leading a growing business platform,” said David Panton, Exeter board member and partner of private equity firm Navigation Capital Partners. “We’ve known Mark for years. He’s worked extensively with the Exeter management team in different capacities during his career, so we are delighted to have him on board at Exeter as we continue to grow the network and capitalize on new opportunities within the marketplace.”

While at AmeriCredit, Floyd’s executive capacities included oversight responsibilities for originations, collections and customer service operations in the U.S. and Canadian markets. His 30 years of financial services industry experience also includes stints as president, CEO, COO, director and principal shareholder of various banks in the Dallas area.

 “Over the last four years, Exeter has built a sound foundation through strong credit risk management, prudent underwriting, solid collection practices and financial controls,” said Floyd. “Exeter is a team with high integrity and an outstanding reputation within the dealer community. I am thrilled to join such dedicated professionals and look forward to working together to further the company’s success.”

 Exeter recently closed on a $100 million warehouse credit facility with Wells Fargo Bank, N.A., which significantly increased the size of Exeter’s previous line of credit. The credit facility will provide substantial capital for the growth of Exeter's loan portfolio, enabling expansion of its branch network.  The company plans to add staff to fuel its plans to enter new markets and sign up additional dealers for its finance program. Exeter will also continue its successful servicing retained loan sale program to fund supplemental loan production.

Exeter operates branches in Irving, Texas; Independence, Ohio; Paramus, N.J.; Schaumburg, Ill.; St. Louis, Mo.; and Manchester, N.H. The lender also serves the Atlanta and Philadelphia markets. Exeter reached $100 million in total originations in May.
 
About Exeter Finance?
Exeter Finance Corp. is a specialty auto finance company that provides financing services to select franchised auto dealers throughout the United States. The company’s underwriting and verification teams work in local branches, rather than a centralized facility. As a result, dealers enjoy personalized service from people they know and trust. Founded in 2006, the company is headquartered in Irving, Texas. For more information, visit www.ExeterFinance.com or call (214) 572-8276.

6/19/10