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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.

AFICO is pleased to announce that Money 3 Corporation Limited (ASX: MNY) has completed the purchase of AFS and is now officially the owner of the asset finance lending business. The purchase of AFS for $10.8 million secures Money3 $48.9 million in gross loan book value and expands the addressable market in which the company operates.

AFICO is pleased to announce it has entered into a binding agreement to sell its asset finance lending business, Automotive Financial Services Pty Limited (AFS), to Money3 Corporation Limited (ASX: MNY or Money3) which will accelerate Money3's growth into the near-prime market segment.

On 31st March 2017, the AFICO group acquired the Aussie Car Loans group of brands, intellectual property, trademarks and websites from Advantage Broker Services. The strategy behind the acquisition is to bolster direct B2C loan origination and deepen the group web presence.