The combined company will provide even more choices to auto borrowers to obtain the market’s best interest rates and loan savings as consumers increasingly embrace digital lending
RateGenius Loan Services, Inc. (“RateGenius”) and AUTOPAY Direct, Inc. (“AUTOPAY”) announced the companies have successfully completed their merger transaction. Upon closing this all-stock merger of equals, the two companies became operating units of The Savings Group, creating the most diversified consumer marketplace for automotive finance and refinance.
The Savings Group will be led by Co-CEOs and AUTOPAY Co-Founders Jeff Hutcheson and Seth Meyer, while the previous RateGenius CEO Christopher Speltz will take over as Executive Chairman and Chairman of the Board. The Savings Group will provide even more choices to borrowers with the market’s best lending rates, loan savings and vehicle protection plans, while also delivering volume growth to its lender network and business partners.
“This merger represents years of growth on behalf of both companies, and now is the perfect time to make this move as consumers have increasingly embraced digital lending and as auto finance activity has shifted outside the dealership,” said Chris Speltz. “We’re very excited to complete the merger agreement with AUTOPAY and together lead the way to offer the best rates and products to consumers.”
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“We’re incredibly fortunate to merge with a company in RateGenius that shares our passion for helping consumers save money on their auto loans,” said Jeff Hutcheson. “We’re excited for this new venture that will provide even more options for consumers to secure the best rate and terms possible.”
“In The Savings Group, we’re positioned to become the market leader in auto finance and refinance, combining resources from two of the industry’s leading platforms under one company with expanded offerings,” said Seth Meyer. “More options increase a consumer’s confidence in making the right decision when picking the best loan terms. There are expanded options for everyone and that is what matters most.”
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The Savings Group will now employ more than 550 team members split between their existing office hubs in Austin and Denver. With an expanded network of 180+ lenders representing all 50 states, the combined company will facilitate over $2 billion in automobile financing transactions in 2021.
The merger was unanimously approved by each company’s board of directors.
Portico Capital Advisors served as the exclusive financial advisor to AUTOPAY throughout the transaction. AUTOPAY is a portfolio company of FM Capital, while RateGenius is a portfolio company of Tritium Partners.
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