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Money3 takes over GMF Australia

Finance company Money3 is continuing its push into the auto finance market, announcing that it has acquired GMF Australia, the local subsidiary of General Motors Financial Co. It is the company’s second acquisition in as many months.

The deal, which is worth A$17 million, increases Money3’s automotive loan book by $23 million and adds around 700 new vehicle loans to its portfolio.

Last month Money3 completed the acquisition of Automotive Financial Services, which is a funder of consumer and commercial vehicle purchases in the near-prime segment. AFS has a gross loan book of $52 million.

Money3 has been an auto finance specialist since 2019, when it acquired Go Car Finance in New Zealand and sold its small amount credit contract business a short time later.

 

 

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