AFC: Dreaming BIG with Dealers
At AFC, we’re in the business of automotive financing, we provide independent dealers with the liquidity to stock their lot with the units their customers are searching for – but more importantly, we provide the tools, resources, and services to help small businesses grow and thrive.
AFC’s purpose is to Fuel the Entrepreneurial Dream in our Community. These words are not just a superficial plaque on our wall or a slogan we say when it’s convenient – it’s our drive, our reason for coming to work every day and the way we make a difference in the lives of more than 13,000 dealers in North America.
The success of small businesses is key to the economic health and standing for any industry. According to the U.S. Small Business Administration, there are more than 30 million small businesses in the U.S. creating 8.4 million new jobs annually, accounting for nearly 66% of all new job creation. Only about one-half of these start-ups will still be in business within five years of their incorporation date and only one-third will survive 10 years or longer.
AFC takes great pride in supporting the growth of an important segment of these small businesses—independent automotive dealerships. It can be difficult for dealers new to the auto remarketing industry or dealerships trying to grow their lots to get the financing they need. AFC is often willing to take a healthy risk to invest in start-ups and small business and work with dealerships at every stage of their business growth.
NazCarz out of San Antonio opened their line of credit with AFC in 2013. As the business grew the owner and president, George Bechara, needed more liquid capital to purchase inventory quickly and easily. Six years later George’s credit line with AFC is more than ten times his initial line and now NazCarz is one of the top rebuilders in the country. George credits his relationship with AFC as to why his business has been able to prosper.
“With AFC’s line of credit, I’m able to accomplish my business goals,” said Bechara. “Because of the extra liquidity, I’m able to buy more units and turn them quickly, resulting in growth from selling about 20 units a month to nearly 200 monthly.”
In 2016 Russ Putnam owner of FerrParts, a dealership based out of Sacramento, specializing in exotic cars, opened his first line of credit with AFC to purchase salvage and dismantler vehicles for his restoration and part distribution business. As Russ’ business plan evolved, so did his AFC line of credit. The dealership opened a second line of credit with AFC, this time financing rental units to support a new business initiative. AFC financing provides Russ and his business with the ability to receive quick funding for vehicles when new opportunities arise.
“AFC has enabled me to be more innovative with my business and develop a niche within the industry,” said Putnam. “They worked with me to provide inventory financing that fit my unique business model and grows as my business grows.”
The success of FerrParts and NazCar are two inspiring examples out of the many we have at AFC. We dream big with our dealers and are there to support their business growth. This is evident in the way our dedicated teams collaborate with customers and provide industry knowledge, the variety of financing solutions available to dealers in every corner of the market, and the wrap-around services that make it seamlessly simple to buy vehicles.