Glendale-based Braeger Auto Finance Group LLC is providing financing to automotive dealers focusing on low-income and minority consumers who do not qualify for traditional auto financing.
David Braeger, who is chief executive officer of Braeger Auto Finance Group and its parent company, Braeger Financial Group, said the firm has opened its finance operations to independent automobile dealers.
Braeger said it has found a strong niche for the market as the financial crisis has made it difficult for many auto buyers to purchase basic transportation.
Bill Kellagher, CEO of Drive Away Auto, which is one of Braeger Auto Finance Group’s clients, said, “David and his company have been instrumental in assisting Drive Away to expand its capital structure, which has led to major direct and indirect benefits to us and our customer base. The indirect benefit to our customer base is immeasurable. Braeger Auto Finance Group provides a service that is incredibly beneficial for the growing number of independent auto dealers across the country and their exponentially increasing customer base.”
Braeger said, “We will be starting with a $25 million dollar financing for independent automobile dealers across the country and we are confident that we can increase that portfolio to over $50 million or more throughout the year. The bottom line is independent automobile dealers are having a tough time in their efforts to increase their credit facilities through traditional bank lending and that is hurting the dealer and the consumer. We are going to change that.”
