Lender finalises acquisition of brokerage

by Madison Utley12 May 2020

A non-bank lender has finalised its acquisitions of both a car loan broker and car-buying service.

As of this week, Firstmac Limited officially owns Carloans.com.au and Georgie.

The group will pay ASX-listed Eclipx Group $2m for the two businesses, along with additional related businesses including PerformanceDrive.com.au to support its rapid growth in the automotive space.

According to Firstmac managing director Kim Cannon, the expansion has significant meaning for the group of companies and its partners.

“This acquisition acts as a positive pathway forward following COVID-19 and we look to grow Carloans.com.au and Georgie to complement our current businesses and expand on our current car loans offerings,” he said.

“We are proud of our expertise and IP, particularly in digital, as well as our deep relationships with our partners and brokers, and this move only strengthens our market position as a group.”

Firstmac has welcomed the new team of staff and systems to be integrated across its group of businesses and, now that the transaction is complete, that process can begin.

“The first phase is to move quickly so our partners and customers can benefit as soon as possible,” Cannon said.