IRVING, TX--(Marketwired - Feb 11, 2014) - Skopos Financial, LLC, an indirect, national subprime auto finance company, today announced it has grown its base of franchise dealer partners by more than 120 percent. The company has also increased its presence across the United States with the addition of seven new states where the lender is doing business. These states include Indiana, Tennessee, Ohio, Colorado, South Carolina, Alabama and Illinois.
When added to Skopos' established markets in Virginia, North Carolina, Georgia, Maryland, Texas, Arizona, Missouri and Florida, the lender is now working with dealers in 15 states across the country -- with plans to operate nationwide.
"We are thrilled to announce Skopos' accomplishments in 2013, our first year of exponential growth," says David Sivils, Skopos' Managing Director -- Sales and Marketing. "In 2014, we expect continued expansion organically from our current dealer base, as well as through the addition of new states and dealer partners."
This year, Skopos expects accounts receivable to grow by 160 percent and revenue to jump by 270 percent. Jody Day, Managing Director -- Finance, says, "In 2013, we added seven times more loans to our books than in the previous year. And in 2014, we are already on track to grow the number of loans in our portfolio by 178 percent."
The company attributes such substantial increases to its patented iLender underwriting and analytics platform, as well as its seasoned sales, credit and funding teams. They are led by a group of veteran subprime auto finance executives from Drive Financial, Capital One Auto Finance, GE Capital and Wells Fargo Financial.
Mark Gallas, Managing Director -- Operations and Credit, says introducing even more competitive pricing and partnering with Texas-based defi SOLUTIONS for its auto loan originations system provided an extra boost to the company's fast pace of growth in recent months.
In 2014, Skopos will further leverage its iLender technology to make closing deals easier for dealers. "Technology is the backbone of our credit analysis -- and a key driving force behind Skopos' success with dealers," Gallas says. "For example, we automatically complete many of the traditional manual verifications through online databases as soon as a loan is submitted for funding. Processes like this enable us to deliver 24-hour funding on clean contract packages."
Skopos finances subprime borrowers, including those with no credit, low FICO scores (600 and below), or a previous bankruptcy, repossession or foreclosure. The lender promises its dealer partners fast and flexible underwriting, fast approvals and fast funding -- all the benefits one would expect from a prime lender, available for even the toughest deals.
Sivils adds, "Quick decisions, flexible structuring and fast funding times are all hallmarks of Skopos' unique and friendly approach to this market."
About Skopos Financial
Founded in 2012, Skopos Financial is a subprime, indirect automotive lender specializing in purchasing and servicing of auto finance contracts from franchise dealers across the country. The company is focused on delivering a prime experience to the subprime industry. Leveraging its patented iLender underwriting and analytics technology, Skopos makes the financing process fast and easy -- even for the toughest deals.
Skopos is headquartered in Irving, Texas, with plans to operate nationwide. The company is backed by Lee Equity Partners. For more information, visit www.skoposfinancial.com or call (214) 520-4600.
About Lee Equity Partners
Lee Equity Partners is Skopos Financial, LLC's lead investor along with the founding management team. Lee Equity Partners, founded in 2006, is a middle-market private equity investment firm. The firm seeks to partner with top-tier management teams to build companies with differentiated market positions and high growth potential.