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.
NAAA Posted 1/27/2012