Celebrating 30 years in business
Incorporated in 2004, AFICO was formed through the aggregation of a number of financial services businesses, the oldest being Automotive Financial Services which has operated for 30 years.
Originally registered as United Financial Services Group Limited ("UFSG"), the company was renamed to AFICO Pty Ltd on the 28 June 2008. The change in name and rebranding of the business was intended to be fresh & bold, to represent the diversity of investments and stay true to our heritage.
AFICO has a history of principal investment dating back to 1988 and over that time its primary investment objective has been to achieve long-term capital appreciation in its financial services businesses to the benefit of all stakeholders.
Founded in 1988, AFS is a licensed credit provider that specialises in consumer and commercial loans and leases for the purchase of motor vehicles and leisure goods such as boats, bikes and caravans.
AFS pioneered the specialist consumer non-conforming and mid-prime auto loan market in Australia and has become a well recognised and respected lending institution when it comes to car finance.
AFICO was incorporated in 2004 as a result of a group restructure. As a consequence, AFS became not only one of AFICO's most significant investments but one with a long heritage.
Founded in 1996, UFS is a leading financial services business, specialising in automotive finance and insurance products.
UFS specialises in the provision of aggregation services to licensed finance brokers and credit assistance services to consumer and commercial clients utilising a broad range of credit and insurance products. Via its national footprint, the business provides convenient access to the majority of Australia's finance and insurance institutions.
United Financial Services is dedicated to “providing clients with a comprehensive range of competitive finance and insurance products, delivered with unrivalled personalised service.”
AFICO Pty Ltd (previosuly United Financial Services Group Limited ("UFSG")) was established as a non-listed public holding company for all Autofin Group financial services businesses.
The consolidation of shareholders interests occurred on 1st July 2004 and resulted in all financial services businesses becoming 100% subsidiaries of AFICO, including AFS and the UFS businesses.
AFICO develops strategy to invest in and provide capital to businesses specialising in the delivery of asset finance & credit products for personal and business use.
Drivethru is a technologically advanced, web-enabled, finance & insurance origination and underwriting system that specialises in the capture, submission, management and decisioning of loan applications and insurance proposals.
Drivethru streamlines the origination and underwriting processes and is designed to mitigate credit and insurance underwriting risk through a comprehensive set of business rules that leverage off data-rich internal and external sources.
Drivethru enables efficient workflow practices, improved customer interaction, compliant processes and is designed to ensure credit activities are conducted efficiently, honestly and fairly.
With a growing umbrella of businesses and brands, it was necessary to develop an independent brand for the holding company.
The agreed name was AFICO - an acronym created from the words Australian Finance & Investment Corporation that broadly described the activities of the group.
Whilst the name was created by the founder, Brad Dale, the design work & colour scheme for the new AFICO logo is the creative work of Bearnd Winter of advertising agency, DDI Australia.
In 2012, AFS established a securitised Master Trust to fund its auto loan receivables, with Westpac Insitutional Bank being the senior debt provider. Prior to this, the loan portfolio was funded via a corporate loan with GE Capital.
The Trust has an independent trustee (Perpetual Corporate Trust Limited), security trustee (P.T. Limited) and back-up servicer (AMAL).
Westpac is the Class A Note Subscriber, supported by a highly respected mezzanine funder for the Class B Note, with AFS taking the first loss.
AFS acts as the originator, seller, loan servicer, trust manager, and custodian.
McMillan Shakespeare Limited (MMS) acquires 100% of the shares in the privately held UFS Group represented by United Financial Services Pty Ltd, United Financial Services Network Pty Ltd and United Financial Services (Queensland) Pty Ltd (collectively known as “UFS”).
The acquisition completed 31st July 2015 for a purchase price of $42 million, funded 60% cash from existing MMS cash reserves and 40% MMS scrip.
Founded in 1996, UFS is a financial services business, specialising in the delivery of consumer and commercial finance and insurance products originating circa $370 million in auto and personal loans.
Mike Salisbury, Managing Director and CEO of MMS, said “The acquisition of UFS represents an attractive opportunity for MMS to consolidate our position in the auto financing sector by adding to our existing operations. The acquisition builds on the investment made by MMS early this year (February 2015) via the $115 million acquisition of the market leading business, Presidian Pty Ltd.”
On 31st March 2017, AFICO acquires the Aussie Car Loans group of brands, intellectual property, trademarks and websites from Advantage Broker Services.
The Aussie group specialises in the web based lead generation and loan origination for various forms of asset finance.
The business operates under a number of specialist brands including but not limited to Aussie Car Loans, Aussie Bike Loans, Aussie Boat Loans, Aussie Equipment Loans, Aussie Leisure Loans, Aussie Personal Loans and Aussie Truck Loans. The acquisition also included generic brands such as boatfinance.com.au, boatloans.com.au & carfinance.com.au.
Aussie Car Loans is a well recognized and trusted brand of Aussie Finance Pty Ltd ACN 115 027 140 Credit Representative Number 496991. The business has been operating since 1996 and is a credit representative of Automotive Financial Services Pty Limited ACN 003 622 375 Australian credit licence 383762 (AFS) – a licensed credit provider that was founded in 1988.
AFS increases the efficiency of its current funding arrangements with Westpac by introducing a mezzanine investor with whom it can partner on its next phase of growth.
The mezzanine provider is a strong counterparty that specialises in investing in and actively trading fixed income securities and related derivatives for time frames of three years or longer.
The investment in the AFS AUTO-1 Trust has been made with a notional attachment point of an internal rating of A.