Finance Companies, Auto Dealerships Use GDNAuto to List Loan Portfolios of All Sizes

ALAMO, Calif. & LOS ANGELES--(BUSINESS WIRE)--Finance companies from Michigan and Pennsylvania and auto dealerships from Texas and North Carolina are among the latest companies to post seasoned auto loan portfolios for purchase using Global Debt Network Automotive (GDNAuto), the company announced.

GDNAuto (www.gdnauto.com) is the first 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. Among the portfolios currently listed on GDNAuto:

• A $24 million subprime auto loan portfolio is offered by a Michigan-based finance company. The 2,048 loans have been seasoned an average of 14 months and carry a weighted average APR of 22 percent.
• A $4.8 million portfolio of 408 subprime loans seasoned for an average of four months is listed by a finance company based in Pennsylvania. The loans have a weighted average APR of 21 percent.
• A Texas auto dealership is offering a portfolio of 164 seasoned loans valued at $3.6 million. The subprime loans have been seasoned an average of six months and have a weighted average APR of 23 percent.
• An auto dealership in North Carolina has posted a portfolio of nine loans seasoned an average of nine months and with a weighted average APR of 25 percent. This subprime portfolio is valued at $21,000.

“At a time when auto finance is undergoing a period of intense and rapid change, GDNAuto brings transparency, efficiency and cost savings to transactions involving asset-backed auto debt,” said Michael Sheridan, founder and president of GDNAuto. “Both portfolio buyers and sellers are finding that GDNAuto provides valuable pricing data and opens the door to new opportunities to improve liquidity.”

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 conditional 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 100 buyer and seller members have registered and more than $90 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.