KAR Auction Services said that its subsidiaries Automotive Finance Corp. (AFC) and AFC Funding Corp. have entered into the fourth securitization agreement with BMO Capital Markets Corp., Deutsche Bank , and Barclays Bank.
The securitization agreement increases AFC Funding’s committed liquidity to $650 million from $450 million. It also extends the facility’s maturity date to June 30, 2014.
“This amended U.S. securitization facility underscores our commitment to our dealer customers and strengthens AFC’s position as a premier floorplan funding source throughout the U.S.," said Don Gottwald, CEO and president of AFC. "I am grateful to our banking partners for their continued confidence in AFC as demonstrated by this larger securitization facility, secured through June 2014, and for their assistance in expanding the definition of eligible receivables.”