| [October 10, 2008] |
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Finance Company Seeks Buyer for $26.9 Million Prime Portfolio Using GDNAuto Online Marketplace
ALAMO, Calif. & LOS ANGELES --(Business Wire)-- A California-based regional finance company with a portfolio of 1,058 seasoned prime auto loans valued at almost $26.9 million is the latest seller to offer a portfolio of loans for purchase using Global Debt Network Automotive (GDNAuto), the company announced.
GDNAuto (www.gdnauto.com) is the first nationwide online loan portfolio transaction platform where automobile dealers, banks, credit unions, finance companies, hedge funds and other financial institutions can come together to securely evaluate, price, sell and purchase asset-backed debt.
"At a time when liquidity is a challenge faced by our nation's financial markets, GDNAuto provides an easy-to-use platform that helps our clients set a price for asset-backed debt and thus restore liquidity to their operations and to the automobile finance marketplace," said Michael Sheridan, founder and president of GDNAuto.
Developed and tested in collaboration with automobile dealers, dealer associations and portfolio buyers, GDNAuto uses an innovative online control panel that enables loan originators or portfolio owners to list and price the seasoned loans they want to sell to pre-screened banks, credit unions and other investors. Banks, credit unions, hedge funds and other pre-qualified investors use a secure GDNAuto filtering tool to specify the types of loans they want to buy. Investors can review dealership portfolios, select the loans they want and submit a bid for consideration. Once approved, GDNAuto expedites the due diligence process and tracks every aspect of closing and funding to ensure a seamless transaction. Since GDNAuto was launched in June 2008, more than 90 buyers and sellers have registered as members and more than $50 million in auto loans have been listed.
For more information or to create a GDNAuto account, visit www.gdnauto.com or call 1-866-559-4339.
About Global Debt Network, Inc.
Based in California with offices in Alamo, Calif. and Los Angeles, Global Debt Network, Inc. is a privately held company that simplifies auto finance by offering GDNAuto, the first nationwide online loan portfolio marketplace where automobile dealers, banks, credit unions, hedge funds and other financial institutions can come together to securely evaluate, price, sell and purchase asset-backed debt.
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