Former Detroit Lion's football star Mel Farr Sr. has sold $36.5 million in auto loan-backed bonds, marking the first time an African-American owned company has entered the asset-backed securities marketplace.

But perhaps what is more significant is that the proceeds of the deal, as part of a socially conscious effort, will be used to make auto loans available to a financially challenged segment of society, a segment Farr dubs the "urban dweller."

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.