Company History
The foundation of the company was laid in 1979 when Jim DeVoe, Sr., worked at his father’s Chevrolet-Cadillac dealership in Marion, Ind. Interest rates were high, inflation was rampant and car dealers were struggling. Jim decided that if the dealers could provide customers with affordable cars financing with dependable terms, they could grow the business. In 1986, DeVoe started the Auto Credit seminar program to “teach” other dealers his system. It was very successful and, over the years, more than 700 dealers (new- and used-car dealerships) participated.
DeVoe then launched the J.D. Byrider franchise because the business model is very capital intensive and a small dealer would not be able to grow to multiple locations as quickly as with a franchising model. He operated on the theory that he could bring his expertise and experience and the franchisee would provide capital, the management skills and the personnel.
J.D. Byrider uses the "Buy Here Pay Here" financing model.
In May 2011, J.D. Byrider announced its acquisition by Altamont Capital Partners, a private equity firm based near San Francisco. The acquisition injected the capital needed for J.D. Byrider’s continued growth.
Read more about this topic: J. D. Byrider
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