Atlanticus sells Auto Finance unit for $71.2 million

• Atlanticus (NASDAQ:ATLC) completed the sale of its CAR Auto Finance operations for approximately $71.2 million.
• The transaction includes $56.2 million in cash and a $15 million seller note.
• Atlanticus said it will use proceeds to reduce debt and invest in consumer credit products.

Atlanticus Holdings (NASDAQ:ATLC) completed the sale of its CAR Auto Finance operations for approximately $71.2 million, ending the company’s Auto Finance segment.

The transaction includes $56.2 million in cash proceeds and a $15 million seller note, with CAR Auto Finance previously representing 100% of Atlanticus’ Auto Finance segment.

Approximately 154 CAR team members are transitioning to the buyer as part of the transaction, while Atlanticus expects to use the proceeds to reduce debt and invest in higher-growth consumer credit products.

Atlanticus provides technology-enabled financial services focused on consumer credit products, including lending solutions and related financial services.

The company said it will no longer operate an Auto Finance segment following the sale and will focus on its remaining consumer credit businesses.