Clearwater auto finance firm gets $150M in debt financing
Platinum Auto of Tampa Bay has a credit agreement with Finitive for up to $150 million. Platinum, a Clearwater company that buys auto finance contracts from auto dealers, will use the new funding to refinance existing debt, fund new originations and acquire secondary portfolios from other auto lenders, a news release said. The funding was provided by investment funds managed by an affiliate of Fortress Investment Group and arranged by Finitive, a financial technology platform for institutional investors. Platinum separately secured a $15 million term loan from a New York-based fund to support its operating and working capital needs, the release said.