Carfinco Achieves $1 Billion in Loan Originations
EDMONTON, March 10, 2014 /CNW/ - Carfinco Financial Group Inc. ("Carfinco" or the "Company") today announces that the Company has achieved over $1 billion in loan originations since commencement of operations in March 1997. The milestone was passed midway through the month of February, and follows a record year of loan originations in 2013 of $171.6 million.
"We are very proud of achieving this milestone, "stated Tracy Graf, CEO of Carfinco. "It is a reflection of the dedication and hard work of our staff and would not have been possible without the strong relationships Carfinco has with its dealer base, banking partners (led by Bank of America, N.A.), and other strategic relationships. We are thankful to all our partners and shareholders that have believed in our strategy and business model over the past 17 years."
Moving forward, Carfinco is focused on growing its loan portfolio at approximately 15% per annum through its Canadian and U.S. subsidiaries and on providing excellent service and products for our dealers and customers. In addition, Carfinco is actively pursuing potential acquisitions that we believe will add value to our shareholders and business partners.
About Carfinco Financial Group Inc.
Carfinco, through its Canadian and United States subsidiaries (collectively, "Carfinco"), focuses on providing indirect consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources. A network of select independent and franchise dealerships offer the Subsidiaries payment plans to their customers who must, along with the vehicle, meet the Subsidiaries underwriting guidelines. The shares of Carfinco trade on The Toronto Stock Exchange under the symbol "CFN".
Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the Company. These statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.
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