MAGDI GENDI

SACRAMENTO, CA (USA)
Role(s):
C-Level Executive (CEO, CFO, etc.)

mk auto inc

Find More Startups Startup
Location: SACRAMENTO
Industry: Automotive
Year Founded: 2000
Number Employees: 10-50 people
Description: M. K. Financial Services is a division of M. K. Auto Inc. Est. 2000 with one used car lot in Auburn, Ca. Using very basic financial strategies’ and a lot of hard work M. K. Auto Inc. was able to open and operate two additional car lots with a current and profitable portfolio exceeding 10mm. Magdi Gendi is the owner and CEO of both (URL removed)h a degree in Civil Engineering he was lured into the car business and has never looked back. He cut his teeth in sales and worked his way through finance, directing and as a current owner. Never satisfied he has maintained an unwavering goal to build and expand a full service financial institution. Knowing he needs to surround himself with strong creative and experienced personnel, Magdi hired Gina Skjerpe, a 20 year veteran in the auto finance industry. Although Gina’s education is in Computer Programming, The auto finance industry has a lifelong hook in her. Together they have secured a strong sales, collection, and administration staff to ensure the profitability of this venture. The premise of what we do is very simple. Buy the right C-D sales finance contracts from Established Franchised Auto Dealers. Grow slowly, using old school methods that have been tried and successful for many banks for many years. What makes us different from the other finance companies and banks???? Customer Character (stability, solid employment, residence, earned income). Credit (Does the customer know how to pay- even if there have been problems) Collateral (charge a good discount- maintain leverage in the unit)... When we buy our paper, we must have 2 out of the 3 C’s--- or no deal. We investigate our deals prior to making decisions. We interview customers, and though we of course consider credit score, we use many years of experience to consider the loans we approve. What else makes us different??? With established retail car lots maintained in Northern and Central California, we have the market to retail our repossessions, and minimize our losses. Our delinquency is currently running about 7%, but is dropping consistently as we purchase stronger and more qualified customers and collateral. Our sales finance portfolio is doubling every month, and is on target for 2.6 mm per month by year end. This equates to 150 contracts per month with an average of $17,500. Per contract. Our projected figures for the end of 2009: Portfolio @ $31,800,000. 12% up front average dealer discount $3,816.000. Collected interest. $7,314,000. Minus 8% administration cost—leaves a net yield of $10,239,600. (Very basic numbers not including collection, charge off, and p&l gains/losses) M. K. Financial is just open new financial office started at the 1st of august 2008. We have an in house Attorney, strong collection staff, outside field sales persons, and strong management team to ensure our success. As we continue to grow, we plan to bring better quality, A- B paper into our mix. And as other banks are closing their finance divisions, we intend to become one of the strongest, and most profitable financial institutions in the country. We are looking to put on 25% A paper, 50% B paper, and 25% D paper. We would like to continue to grow to a projected 15MM per month / office throughout the United States. Please contact us at your earliest convenience. Thank you in advance for your time and considerations. Sincerely, Magdi Gendi President & Ceo M. K. Financial Services OFFICE TEL : (Phone # removed)PERSN. CEL: (Phone # removed)OFFICE FAX: (Phone # removed)PERSN. FAX: (Phone # removed)E-MAIL ADR: (URL removed)