24 March
A private investment vehicle associated with the founder of Firstmac Limited ACN 094 145 963 (Firstmac), acquires the Aussie Car Loans group from AFICO for an undisclosed amount in a 100% cash transaction.
"We are especially pleased to announce the divestment of the Aussie Brands, IP & websites to a well-respected and deserving home in a private investment vehicle of the founder of Firstmac Limited and believe the business will flourish under the professional management of the Firstmac team," says Brad Dale, Executive Director - AFICO.
"What this deal means for Aussie is that it will now be able to return to its roots and operate as a finance broker. We see great upside in this model and the opportunity for Firstmac to further develop the brand, streamline processes & enhance the product offering." says Mr Dale.
The acquisition signals the non-bank lender's continued expansion into asset finance following the acquisition of of the car loan brokerage CarLoans.com.au and car-buying service Georgie from ASX-listed vehicle finance and leasing company Eclipx Group (ASX: ECX) in May 2020 for approximately $2 million.
The Aussie Car Loans group specialises in the web based lead generation and loan origination for various forms of asset finance.
Aussie Car Loans predominantly deals in finance for Vehicles but also assists with loans for almost any type of new or used asset including Boats, Bikes, Camper Trailers, Caravans, Horse Floats, Jet-Skis, Light Commercials, Trucks, and Leisure Goods.
The business operates under a number of specialist brands including but not limited to:
The transaction included eight (8) corporate entities noted above, twenty eight (28) trademarks, seventeen (17) business names, seventy five (75) domains, ten (10) websites, sixteen (16) telephone numbers, and a significant customer database with strong lead generation.
About Firstmac
Firstmac is a privately-owned company that has been in business for 40 years and has its headquarters is in Brisbane, Australia.
The business has grown from a small family business to become Australia's leading non-bank lender. Over time Firstmac has provided 130,000 home loans and currently manages $12 billion in mortgages and $300 million in cash investments.
Firstmac is a challenger company that stays ahead of the big banks by using smart technology and highly-trained support staff based in its Brisbane call centre. The company is dedicated to bringing simple, affordable, competitive financial products to market, underpinned by a lengthy track record of success and a pedigree in prime residential home loans.
Firstmac self-funds its operations through the release of highly-rated Residential Mortgage Backed Securities, historically a low-risk investment, and has issued more than $29 billion in RMBS bonds since 2003. Internationally rated by Standard & Poor’s, Firstmac has been awarded its highest possible ranking for loan servicing.
The products Firstmac provides are straightforward home loans and car loans for every day Australians who are looking for an alternative to the major banks.
Aussie Car Loans is a well recognized and trusted brand of Aussie Finance Pty Ltd ACN 115 027 140 Credit Representative Number 496991.
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