New Finance Arm for Enterprise Motor Group

Wednesday, 7 December 2005

The launch of a new finance business, Community Financial Services Ltd (CFS Money™) was announced today by Fred Lewis founder of New Zealand's largest used motor vehicle dealer, the Enterprise Motor Group Ltd (Enterprise).

CFS Money is an expansion of the customer-friendly services currently offered by Enterprise. CEO Kevin Algie is very pleased that the Group now offers a seamless one-stop car loan option to enhance their product offerings to their loyal customer base.

A New Zealand owned and operated company Enterprise has again shown that it is possible to offer New Zealanders affordable products and services, of a high standard.

The addition of CFS Money to provide car loans to its Enterprise customers is a logical progression adding to the company's other services such its Exclusive 4 year mechanical and electrical warranty and the 24 hour AA emergency roadside assistance. It further strengthens the opportunities we can provide to our customers by allowing us to compete with any costs or rates offered by banks and other financial institutions. It will enable us to complete the sale without the need to refer to outside sources in the approval process.  End Quote Image

With more than 30 years in the Motor Vehicle industry, Enterprise has grown consistently to gain vast industry knowledge from selling 5000 vehicles each year - it is no coincidence therefore that their database of repeat customers has also grown significantly.

CFS Money represents a complimentary product, assisting customers at the doorstep of the 8 North Island dealerships.

With a number of well-established business partners, including Weststar Capital, Westpac, Intersoft Systems Ltd and Full Circle Business Solutions, CFS Money prides itself on integrity and responsibility in offering these financial services. "We certainly don't wish for any of our customers to live outside of their financial limits. We're absolutely committed to providing a reputable and natural extension of our current services", says Kevin Algie.

In addition, Enterprise engaged the services of Vaughan Magnusson of Level 3 Corporate Finance to assist with financial modeling and articulating the business plan. Level 3 are a boutique corporate finance practice involved in merges and acquisitions, private equity and debt funding.

The company will look to grow the loan book of 35M in the initial 12 months. The loan management team of Colin Green and Dane Matich bring motor retail dealership experience and strong finance skills to their respective positions.

Community Financial Services (CFS) focuses on a fast, friendly and flexible service offering instant approval in many cases, to sit alongside Enterprises "Express Loans" service which concentrates on debt consolidation.