ATLANTA – To reinforce
its commitment to provide inventory financing to independent dealers, Manheim
has signed an agreement to purchase Dealer Services Corporation (DSC), a used
vehicle floor plan company for independent dealers based in Carmel, Ind. The
acquisition complements Manheim’s current lending products provided through
Manheim Financial Services (MAFS).
“Manheim is
always looking for ways to enhance its service offering to customers,” said
Sandy Schwartz, president of Manheim. “The purchase of DSC presents a great
opportunity for us to broaden our lending scope and customer base. In addition,
we gain access to state-of-the-art technology and digital tools that will
enhance our customers’ experience and improve the company’s efficiencies and
opportunities for lending. We also gain a group of employees at DSC that have a
strong culture of customer focus and service, adding to the high level of
personalized service our MAFS employees deliver.”
“Like Manheim,
DSC is a company that focuses on the success of its customers,” said Brian
Geitner, CEO of DSC. “Our mission of empowering our customers with
strategic products and services is only more enhanced by joining the Manheim
group of companies. It’s easy to see how MAFS’ and DSC’s service platforms will
complement each other and broaden Manheim’s ‘service reach’ across the
country. We are proud to add the DSC brand to Manheim’s strong lineup of
products, services and companies,” said Geitner who will remain with DSC.
Adding the DSC
line to MAFS’ existing products will give dealers access to broader offerings
of products and additional staff to service their needs both in-lane and
online. The company also gains technology that dealers and employees will use
to make it even easier for customers to get information via their smart phones
and desktop about their lines of credit with Manheim.
Barclays Capital acted as the financial advisor to Manheim, while William Blair
& Company acted as the financial advisor to Dealer Services
Corporation.
Pending
regulatory approval, the transaction is expected to close within the first
quarter of the year.
Dealer Services
Corporation offers full service operations throughout the U.S. and is the
largest independently-owned inventory finance provider for used automobiles.
DSC provides flexible and cost effective inventory financing solutions to
dealership operations in the areas of: Retail, Wholesale, Rental, Salvage,
and various aftermarket products including Insurances and Lender Access.
Manheim
Financial Services (MAFS) is a division of Manheim, the world's leading
provider of vehicle remarketing services. MAFS serves thousands of franchised
and independent car dealers in the U.S. and Canada with short and long term
floor planning. MAFS offers all dealers a preferred status with optimum
customer service, while providing simplicity in the process of buying, selling
and floor planning vehicles. MAFS is accepted at every North American Manheim location
as well as most National Auto Auction Association (NAAA) member auctions.
Manheim is the
world’s leading provider of vehicle remarketing services. Through its 118
worldwide wholesale operating locations, Manheim impacts every stage of a used
vehicle’s life cycle, helping commercial sellers and automobile dealers
maximize the full value of their vehicles. Drawing from its auction transaction
volume, Manheim Consulting publishes the annual Used Car Market Report, the
definitive source of data for the used car industry. Manheim Consulting
offers a wide range of services including custom analytics, business
optimization and macro economic analysis.
Manheim is the
online vehicle remarketing leader, connecting buyers and sellers to the world’s
largest, most comprehensive wholesale marketplace through its extensive in-lane
and online offerings. Manheim.com receives nearly 900,000 visits each
week.
Additionally,
Manheim offers services including reconditioning, certification, inspections,
dealer financing, title management and marshaling, among others. Through its
wide array of services and technologies, industry publications, customer
support and educational offerings, Manheim gives its customers maximum control
over how they buy and sell vehicles, helping them to conduct business in the
most efficient way possible. In 2011, Manheim handled nearly 8 million used
vehicles, facilitating transactions worth more than $50 billion in value.
Headquartered in
Atlanta, Manheim is a subsidiary of Cox Enterprises, a leading communications,
media and automotive services company.
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