![]() Headquartered in Falls Church, Va., Capital One Financial Corp. ![]() The parties intend to close the transaction as soon as practicable upon "Not only does Capital One bring significant resources and opportunities for PeopleFirst to leverage, but they also share our strong commitment to customers."Ĭredit Suisse First Boston advised Capital One on this acquisition Merrill Lynch advised PeopleFirst. "We are excited to become part of the Capital One family," said Gary Miller, CEO and co-founder of PeopleFirst. PeopleFirst has provided nearly $2 billion worth ofįinancing to help customers purchase motor vehicles since the company started originating loans in 1997. After the acquisition, theĬurrent senior team at PeopleFirst will continue to manage its operations. PeopleFirst Inc., a privately held company with more than 270 employees based in San Diego, Calif., will become a wholly owned subsidiary of Capital One. "With the acquisition of PeopleFirst, Capital One extends its auto finance strategy to superprime consumers and those directly seeking flexible financing online," Fairbank said. "PeopleFirst is the pioneer of an innovative financing option that allows consumers to conveniently secure financing before purchasing a motor vehicle."Ĭapital One entered the auto finance business in 1998 when it acquired Summit Acceptance Corporation and is now growing the business as Capital One Auto Finance. Fairbank, Capital One's chairman and CEO. "Leveraging PeopleFirst's successful online business model with Capital One's proven ability to customize products will ultimately benefit auto buyers nationwide," said Richardĭ.
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