Trevor Watson
San Diego, CA (USA)
Role(s):
Founder/Owner/Principal
Opportunity Acceptance Corporation
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Startup
Location:
San Diego
Industry:
Finance
Year Founded:
2009
Number Employees:
1-10 people
Description:
Opportunity Acceptance Corporation is a concept for a small auto finance company providing indirect auto loans to consumers with challenging credit.
Opportunity Acceptance Corp will build a strong, profitable portfolio by leveraging existing relationships with dealership principles, implementing sound underwriting guidelines, installing payment protection (starter interrupt devices) to the collateral and utilizing professional nonprime auto collections services.
Typical delinquencies on this quality paper range between 15-27%, however, by implementing the payment protection technology, OAC's delinquencies will be dramatically lower: An eight year study on these devices showed lien holders' average delinquency with these devices at 4%!
By properly mitigating risk, developing customer loyalty with both our dealer clients and the consumer, and filling the enormous void in the market left by the retreat of lenders and finance companies, OAC will gain market share, have the ability to be selective on their approvals and dictate favorable loan terms which will lead to strong financial performance. OAC is looking to offer significant equity in the company in addition to a 12% IRR for investors.