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Regional Management Corp. (NYSE: RM), a diversified specialty consumer finance company, announced today the expansion of its operations to Georgia, its eighth U.S. state, with the opening of a new AutoCredit Source (ACS) branch in Atlanta. The company also announced the recent opening of a new AutoCredit Source branch in Austin, Texas.
Collectively, ACS Atlanta and ACS Austin represent the fifth and sixth ACS branches in major metropolitan markets, following the successful launch of ACS branches in Charlotte, Dallas-Fort Worth, Houston and San Antonio. The branches are also the company’s 222
nd and 223
rd locations and continue Regional Management’s de novo expansion in the Southeastern and Southwestern U.S.
“The AutoCredit Source brand and unit has been a successful extension of our business since we opened the first branch in early 2011, and the opening this week of ACS branches in Atlanta and Austin represent a continuation of our indirect auto lending strategy focusing on major metro markets,” said Thomas Fortin, Chief Executive Officer of Regional Management Corp. “We are excited to provide Atlanta residents with a new source for their indirect auto lending needs, while at the same time providing us with a beachhead to establish additional de novo branches for our various product offerings in Georgia.”
Automobile lending currently represents approximately 42 percent of Regional’s overall lending dollar asset base, and indirect auto lending currently encompasses approximately 15 percent of Regional’s total auto lending asset base.
“Accessing the indirect channel through our ACS locations enables us to introduce our products to higher credit score consumers who shop on franchised dealer lots for new and used cars, as well as to finance lower mileage, newer vehicles that represent better collateral,” added Mr. Fortin. “Our indirect lending strategy complements our traditional direct lending model to used car dealers through traditional Regional branch locations and further supports our cross-selling activities.”