BEAVERTON, Ore. — Concora Credit has acquired Great American Finance Co.‘s private-label portfolio and merchant relationships.
The deal was completed on Dec. 22, and Concora Credit expects to complete the conversion of the portfolio and transition all the GAFCO merchants to its platform in the first quarter of 2024. Terms of the deal were not disclosed.
“We think this is a great opportunity for our merchant partners to benefit from the scale and experience Concora Credit brings to the table,” said Tom Anderson, CEO of Great American Finance (GAFCO).
“We are excited to get to work converting the portfolio and onboarding the merchant/dealer partners,” said Bruce Weinstein, president and CEO of Concora Credit. “Our stability, ability and willingness to help merchants and dealers do more business every day with their customers will be on full display as we close this deal.”
Concora Credit was formerly known as Genesis Financial Solutions, rebranding in September this year. The company was founded more than 20 years ago to focus on the needs of underserved consumers with less-than-perfect credit.
Great American Finance is a more than 85-year-old company focused on near-prime sales financing.
