Auto Credit Express Blog
July 25, 2008
New Subprime Auto Lender seeks to Inspire dealers
New Dallas – based lender enters the subprime auto lending field with experience at the helm.
Keeping our dealers informed
In our continuing effort to keep our dealers abreast of all the changes in the subprime auto lending sector, Auto Credit Express would like to inform our dealers of a new Texas-based subprime lender.
Management team has plenty of subprime experience
In a move that might appear to be swimming upstream in the current subprime auto environment, the management team that built Drive Financial Services is on the road again. The name of their new company is Inspire Auto Finance.
After the sale of Drive to Spanish bank group Santander, the four principals of the new company, including Drive founder Thomas Brower, got together to examine how the subprime auto business model could be improved. The result is Inspire, which, according to the Dallas Business Journal, made its first loan in June. One of the improvements that the company made was in its use of a custom online software product that dealers use to submit credit applications.
Currently in Texas
Although Inspire Auto Finance is currently lending to franchise dealers only in Texas, given the past history of the management team, it’s only a matter of time before it branches out to the rest of the U.S.
