Angle Auto Finance

About Angle Auto Finance

Angle Auto Finance is a nonbank lender that provides automotive financing to the 20% of Australian consumers who finance their vehicle purchase at point of sale. The business operates through a national network of automotive dealers and Australia’s leading salary novated lease providers.

In July 2021 Angle Auto acquired Westpac Banking Corporation’s dealer finance and novated leasing businesses, including the transition of Westpac’s retail, wholesale dealer and introducer networks along with a dealer floorplan portfolio worth about A$1 billion. The business provides vehicle finance to SMEs and consumers. Prior to being owned by Westpac, it operated for many years as Capital Finance.

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 a co-investor. Angle Auto is operated and managed separately to Angle Asset Finance.

SIZE OF LOAN BOOK A$2.5BN
MAKEUP OF LOAN BOOK AUTO LOANS TO CONSUMERS AND SMEs, NOVATED LEASES DISTRIBUTED THROUGH INTRODUCERS
GEOGRAPHIC DISTRIBUTION OF LOAN BOOK AUSTRALIA: 100%
OUTSTANDING DEBT ISSUANCE PRIVATE WAREHOUSE FACILITIES: ~A$4.5BN
Funding strategy

The business has established a sustainable and scalable funding platform that aligns with business strategy and provides flexibility and optionality for growth. Angle Auto currently has three scalable funding warehouses in place, supporting the dealer floorplan and retail lending channels. Angle Auto plans to be a programmatic issuer in domestic and offshore term markets, starting in 2023.

As Angle Auto provides nearly 20% of all point-of-sale auto financing to Australian consumers and will grow rapidly over the next 3-5 years, it is well advanced in developing a term securitisation platform and plans to launch a global roadshow in the coming months, ahead of an inaugural ABS deal.

This would represent a key milestone in Angle Auto’s road to providing a wide range of investors with regular access to high-quality ABS that provides diversity from RMBS.

Business performance

Since inception Angle Auto has originated A$1.5 billion in new business, written with more than A$1 billion in retail consumer, commercial and novated lease contracts settled since March 2022. As of 31 July 2022, the business has around A$2.5 billion in assets under management. Angle Auto is likely to become the largest prime ABS issuer in the region over the next 12-18 months.

FOR FURTHER INFORMATION PLEASE CONTACT:

David Bleakley
Group Treasurer
+61 478 970 567
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Jason Murray
Chief Financial Officer
+61 412 979 784
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Gus Carfi
Head of Funding
+61 402 905 036
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www.angleauto.com.au