Published Aug. 14, 2012
Terms of the transaction were not disclosed.
Resurgent Capital Services and its parent, Sherman Financial Group, developed the auto-lending business four years ago. The companies’ main business line is the purchase and service of consumer credit assets originated by large credit grantors across numerous asset types. Auto lending is a minor percentage of that, according to a news release.
Global Lending Services, meanwhile, is singularly focused on auto lending. The young company is comprised of seasoned auto-lending professionals who have held senior positions at Wells Fargo’s auto-lending business, Hyundai Capital America and Wachovia Securities.
The company plans to keep the Resurgent Auto Finance platform and personnel in Greenville and expand its footprint across the region and ultimately the country, according to a news release.
“Today is an exciting day for our new company,” said Gary Lorenz, CEO of Global Lending Services, in a news release. “We have great respect for the entire Sherman Financial Group, and Resurgent Auto Finance in particular. Their team and business model fits well into our long-term strategic plan. We look forward to growing our presence in the local Greenville-Spartanburg community while expanding our customer and dealer bases across the United States.”