Angle Auto Finance

SIZE OF LOAN BOOK (AS AT 30 JUNE 2023)	A$4.2BN
MAKEUP OF LOAN BOOK	Auto loans to consumers and commercial customers; novated leases distributed through introducers. Wholesale facilities provided to Australian vehicle dealerships.
GEOGRAPHIC DISTRIBUTION OF LOAN BOOK	Australia: 100%
OUTSTANDING DEBT ISSUANCE	Term securitisation issuance: A$1.7BN Warehouse limits: A$5.3BN

About Angle Auto Finance

Angle Auto Finance is Australia’s largest independent retail auto financier. The core business model of Angle Auto is the provision of floorplan finance to vehicle dealerships across Australia, consumer and commercial vehicle finance to that dealership’s customers, and providing novated leases to customers via novated lease intermediaries and salary packaging companies.

On 27 June 2021, Westpac Banking Corporation agreed to transfer its auto business including its motor vehicle dealer finance and novated leasing businesses, to a portfolio company of Cerberus Capital Management. As part of the sale, Westpac agreed to transfer:

Auto dealer and introducer agreements together with wholesale dealer loans of approximately A$1 billion.
Strategic alliance agreements with vehicle manufacturers.
Novated lease origination capability and related agreements.

Angle Auto’s board, executive and senior management have extensive industry and financial markets experience. Investment in technology has delivered improved user experience and digitised customer acquisition, while strong introducer partnerships underpin business success and growth.

Ownership and capital structure

Angle Auto is a portfolio company of Cerberus Capital Management, a global leader in alternative investing with US$55 billion in assets under management. Cerberus is the majority shareholder and Deutsche Bank is a co-investor. Angle Auto is operated and managed separately from Angle Asset Finance.

Funding strategy

In April 2023, Angle Auto passed a major milestone in its funding journey, with the establishment of the Panorama ABS platform and the first issuance thereof, a A$931.5 million ABS transaction (Panorama Auto Trust 2023-1). This was then followed up with an A$800 million private placement (Panorama Auto Trust 2023-2P) transaction in August 2023.

Angle Auto plans to be a programmatic issuer in domestic and offshore ABS term markets, providing a wide range of investors with regular access to high-quality ABS. Supporting this term issuance strategy are warehouses provided by a range of local and offshore institutions, with limits of more than A$5 billion.

Business performance

Since inception, Angle Auto has originated more than A$4 billion in new retail business in consumer, commercial and novated lease contracts. As of 30 June 2023, the business has around A$4.2 billion in assets across the retail and wholesale segments. Angle Auto is likely to become the largest prime ABS issuer in the region over the next 12-18 months.