Automotive Finance Corporation

Carmel, IN United States

 

Company Description

Automotive Finance Corp. (AFC) is where auto dealers go to make a deal. The firm finances floor planning, or inventory purchases, for independent used car dealers that buy vehicles from sister company ADESA Auctions, as well as independent auctions, auctions affiliated with other networks, and non-auction purchases. Through more than 80 North American offices (about half of which are located at ADESA sites) AFC provides short-term (30- to 60-day) loans; it sells most of its finance receivables to subsidiary, AFC Funding Corp., which then sells them to a bank conduit facility. Proceeds from the revolving sale of receivables are used to fund new loans. AFC is a subsidiary of KAR Auction Services.