brings 19 years of experience in automotive financial services to the role , serving most recently as CFO of the Auto Navigator product at Capital One Auto Finance , where he also held positions in analytics , revenue , platform automation , forecasting , cost management and risk .
A Chartered Financial Analyst , Pepo earned his bachelor ’ s degree in economics from the University of National and World Economy in his native Bulgaria , where he worked as a commodities trader and served in the army . He holds an MBA in finance from the University of Notre Dame .
Pepo replaces Eric Bennett , who will now serve as CFO at Advanced Health Care , a Larry H . Miller portfolio company .
Prestige Closes its 21st Securitization in Shaky Market
Prestige ’ s primary source of funds for making auto loans is “ securitization ,” a process through which the company sells debt securities — Wall Street ’ s term for multimillion-dollar IOUs — to large institutional investors ( such as insurance companies , wealth managers , state pension funds , etc .), and
Heidi Anderson
pledges its customers ’ loan contracts as collateral for these big loans . Prestige then takes the proceeds from the securitization to make more loans to more customers and repeats this process regularly . Securitization investors are repaid over time as customers make their monthly car payments to Prestige .
Because of inflation , rising rates , concerns about an economic downturn and other factors , the securitization market has been volatile lately . Investors are cautious and selective about where they ’ ll put their money , and they require a lot more return for their risk than they have in recent years . Due to these rough conditions , Prestige has even seen some of its competitors bring a securitization
Pepo Tsvetanov
to market only to withdraw it a few days later . In the face of these challenges , Prestige was able to close a $ 378 million securitization in October , bringing Prestige ’ s lifetime securitization funding to a total of $ 5.6 billion .
“ We ’ re glad to have pulled this deal off ,” notes Rich Hyde , Prestige ’ s president . “ I ’ m grateful to the twenty investors who supported us despite the headwinds .”
James Brinkley , Managing Director at Wells Fargo Securities , which represented Prestige on the transaction , adds , “ To be able to access nearly $ 400 million of liquidity in this market is no small feat . It ’ s a testament to Prestige ’ s strong reputation among the investor community and the confidence investors place in Prestige ’ s leadership team and the Miller family .”
The Purpose of Prestige is to provide opportunities for people to build a better financial future .
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