Pelican Auto Finance, LLC Announces $50 million Partnership with Flexpoint Ford

  Pelican Auto Finance, LLC Announces $50 million Partnership with Flexpoint

PR Newswire

Cherry Hill, N.J., Feb. 1, 2013

Cherry Hill, N.J., Feb. 1, 2013 /PRNewswire/ --Pelican Auto Finance, LLC
("Pelican") announced that it has received an initial equity investment from
funds affiliated with private equity firm Flexpoint Ford, LLC ("Flexpoint
Ford") and that Flexpoint Ford has been granted the option to invest up to $50
million in the aggregate in Pelican. As an indirect, deep sub-prime
automotive lender, Pelican provides auto financing solutions for both
franchise and independent dealers in the Mid-Atlantic region as well as in

The investment by Flexpoint Ford establishes Pelican as an important auto
finance resource for its dealer clients. Pelican provides automotive dealers
with a competitive choice to finance deep subprime borrowers, including those
with no credit, very low FICO scores, or a previous bankruptcy, repossession
or foreclosure.

"The Pelican management team is thrilled to partner with Flexpoint Ford to
grow a significant and competitive platform in the underserved deep subprime
space," said Troy Cavallaro, Chief Executive Officer of Pelican. "Our mission
is simple—to provide a solution for dealers to sell more cars to consumers
that may otherwise be turned down by more traditional financing sources. With
Flexpoint Ford's partnership, Pelican will be able to grow into a recognized
leader in the sector."

Chuck Glew, Senior Principal of Flexpoint Ford, commented, "We are excited to
partner with Troy Cavallaro and the entire management team of Pelican. The
team's focus and years of experience in the deep subprime niche position this
platform well for future success."

Michael Tyree, a Vice President of Flexpoint Ford, added, "We believe that
Pelican's financing solutions and overall focus on high quality service will
allow the Company to become a trusted partner for both independent and
franchise dealers that are looking to capture deep subprime customers. We are
enthusiastic about the larger opportunity for Pelican's continued growth in
this market."

About Flexpoint Ford, LLC
Flexpoint Ford, LLC is a private equity firm dedicated to the healthcare and
financial services sectors. Flexpoint Ford seeks to build relationships with
executives and companies who look for Flexpoint Ford to be a value-added
partner. Flexpoint Ford manages approximately $1 billion in committed capital
on behalf of its limited partners. For more information, visit

About Pelican Auto Finance, LLC
Operating out of San Diego, California and Cherry Hill, New Jersey, Pelican's
senior management team has over 60+ years in the sub-prime automobile finance
space. Pelican is a newly-capitalized entity which includes all senior
management and employees of a predecessor company, Pelican Resource Group, LLC
("PRG"). Founded in 2009, PRG established a successful track record of
providing dealership financing solutions in the deep subprime space. For more
information, visit or call 866.989.9688.

Media Inquiries
Joel Kennedy, COO
Pelican Auto Finance, LLC
866.989.9688 x702

SOURCE Pelican Auto Finance

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