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George Cook
Senior Vice President, Corporate Administration
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August 20, 2007
Prestige Financial Rolls Forward With Growth, Innovation
Emboldened by consistently strong dealership response to its product offerings, Prestige Financial Services, Inc. continues to innovate in the non-prime through deep sub-prime auto finance marketplace. The company’s lending territory also continues to expand, and now includes twenty states across virtually all regions of the country.

For many years, Prestige was known primarily for its pre-discharge Chapter 7 bankruptcy program. In response to market conditions created by recent changes to the bankruptcy law, the company has introduced the country’s most accommodating non-recourse lending program for pre-discharge Chapter 13 bankruptcies. This resource lets dealerships sell new and late-model vehicles to Chapter 13 petitioners roughly two to six months after the case has been filed.

"As Chapter 13 filings started to rise under the new BK law, we knew we had to get a piece of that business, but couldn’t find the right solution," reports Jeff Goldberg, Finance Director at Mike Calvert Toyota in Houston. "Now we're doing 40 to 50 deals a month with Prestige's new Open 13 program."

Prestige recently completed a successful $325 million portfolio securitization in which institutional investors purchased notes backed by Prestige’s loan contracts. The company uses the transaction proceeds to facilitate further growth. Despite challenging conditions in the capital markets due to the sub-prime mortgage ripple effect, Prestige was able to securitize its entire offering with satisfactory pricing, and attracted several new investors in the process.

"At about the time we were going to market, several of our competitors were struggling with their portfolio securitizations," observes Robert Avery, who served for many years as Prestige’s Chief Operating Officer and was recently named its Chief Executive. "So we were pleased not only to complete our transaction, but to do so at good terms and with the participation of both repeat investors and some new ones."

John Cho, a Managing Director at J.P. Morgan Securities Inc., believes that this most recent transaction demonstrates the market’s confidence in Prestige’s "originations strength and continuously-improving portfolio performance." Cho also notes that this securitization was Prestige’s largest to date, yet another emblem of the company’s robust growth.

Founded in 1994 as an affiliate of the Larry H. Miller Group of Companies, Prestige achieved its initial success in the western U.S., primarily in markets where Miller dealerships existed. In subsequent years, however, Prestige has added several major states including Texas, Virginia, Florida, North Carolina, Georgia and Illinois, with roughly two thirds of its current business coming from dealerships outside the Miller organization.

In addition to its bankruptcy loan products, Prestige has gained market share in recent years by broadening its credit spectrum to compete for non-prime paper in the mid-600 score range. The company has no minimum credit score or down payment requirements and offers generous advances and low fees, with certain trucks, SUVs and imports receiving additional loan allowances. And Prestige’s Rate Reduction Program, which automatically rewards good customers by dropping the APR every three months on loans that perform well, is unique in the industry.

"Success breeding success has certainly applied to Prestige’s recent history," says Avery. "It seems that the more we focus on strengthening partnerships in our current markets, the more interest we receive from new dealerships in new markets.

"We’ve never been a lender to sign up every dealer in the auto mall," he continues, "And have built our company by focusing on dealers who are truly committed to the Prestige way of doing sub-prime. So sometimes we just have to say, ‘No, thanks,’ and move on. But when we find the right dealership in the right market at the right time, it’s always an enthusiastic ‘Yes!’ Then we roll up our sleeves and earn their business. The formula’s worked so far, and we see it yielding outstanding results going forward."

January 11, 2007
Prestige Financial Accelerates National Expansion
After more than a decade of methodical growth and strong portfolio results as a regional niche auto lender, Prestige Financial Services, Inc. of Salt Lake City is poised to establish its national presence, servicing high non-prime through deep sub-prime car buyers. In the last six months alone, Prestige has signed with franchised dealerships in North and South Carolina, Florida and Georgia, while major markets in California, Illinois, Massachusetts, Ohio and Minnesota will be opened in 2007.

Founded in 1994 as an affiliate of the Larry H. Miller Group of Companies, Prestige achieved its initial success in the western U.S., primarily in markets where Miller dealerships existed. During this period, the lender was best known for providing auto loans to consumers in active chapter seven bankruptcy cases, a niche in which it was an early innovator and remains an industry leader.

"We built an entire department around Prestige’s open seven program,” says Rick Totten, Special Finance Manager at Carr Chevrolet in Beaverton, Oregon. “And it’s been exciting through the years to grow our business with them, as they’ve broadened their buying to cover a full range of specialty credit."

Following extensive preparation across all areas of its business operations, Prestige added Texas in 2004, effectively doubling the customer and dealership base of its existing lending territory. The company’s first venture east of the Mississippi came a year later, when it signed a large dealership group in Maryland and Virginia.

"Texas was a turning point for us,” observes Prestige COO Robert Avery. “Of course, we were always confident that our programs and service were adding real value for our dealerships, but the reception that we received in that fiercely competitive state, from dealers with zero prior knowledge of us, really solidified our sense that, yes, we could do this on a national level, and do it successfully."

While dealerships continue to rely on Prestige for open chapter seven, open chapter thirteen and double bankruptcy financing, the company has gained momentum across the sub-prime spectrum by doing away with minimum credit score and down payment requirements. It also offers generous advances, plus extended terms and discounted rates on certain SUVs, trucks and imports. And its Rate Reduction Program, which automatically drops the APR every three months on loans that perform well, helps dealers to sell to the more rate-sensitive of their customers with credit challenges.

While Prestige may be less well-known to many in the auto industry, it’s no stranger on Wall Street, where its transactions regularly receive the highest available ratings from agencies such as Standard & Poor’s and Moody’s Investors Service. "In the last several years, investors have become increasingly aware of the Prestige brand name and strong portfolio performance,” notes John Cho, a Managing Director at J. P. Morgan Securities. “Going forward, we see Prestige Financial being regarded as one of the benchmark players in the sub-prime auto sector."

The company is confident that this is the right move at the right time. "From ownership to the capital markets to our mailroom, our entire organization and support structure is energized and ready for this next phase,” says Avery. “We’re going to help a lot of people to get into great cars with loans that are going to work really well for them, and we’re going to help a lot of dealerships to grow their business in the process."

November 1, 2006
Hilary Brewster Joins Prestige Financial as General Counsel
SALT LAKE CITY, Utah, November 1, 2006 – Prestige Financial Services, Inc. of Salt Lake City has named Hilary Brewster as General Counsel. Brewster will oversee all of the auto finance company’s legal affairs, handled formerly by various in-house and contracted legal personnel.

Brewster brings to Prestige extensive and diverse experience in both consumer and corporate law, having worked in several capacities for firms in Utah, North Carolina and Hawaii. Prior to joining Prestige, Brewster served as Chief Legal Assistant to the General Counsel for Prestige’s affiliate, The Larry H. Miller Management Company, where she represented the multi-billion-dollar Miller organization primarily in matters relating to contracts and human resources.

"Our rapid growth has necessitated this move," says Prestige COO Robert Avery. "Hilary’s abilities are well-suited to Prestige’s immediate needs, and we anticipate that her expertise will benefit our company for many years to come."

While earning her degree from the J. Reuben Clark Law School at Brigham Young University, Brewster served as an Associate Editor of the Journal of Public Law and competed on the International Moot Court team. She received her bachelor’s degree in Political Science magna cum laude from B.Y.U. Hawaii and lives with her husband, Benjamin, in suburban Salt Lake City.

October 5, 2006
Prestige Financial Spurs Growth With $250 Million Capital Conduit
SALT LAKE CITY, Utah, October 5, 2006 – Prestige Financial Services, Inc. has recently arranged a $250 million asset-backed commercial paper warehouse financing facility through J. P. Morgan Securities. The conduit provides a substantial source of capital to fund Prestige’s growing portfolio of consumer automobile loans, which will advance the company’s development plans.

Structure and pricing both improved over Prestige’s previous financing arrangements. Company executives attribute the favorable terms of this transaction, the largest of its kind in Prestige’s twelve-year history, to outstanding asset quality and a proven track record in portfolio management.

Similar to a secured line of credit from a bank, a conduit facility comprises aggregated consumer auto loan receivables sold as commercial paper on the open market. This short-term funding source allows lenders to accelerate portfolio growth toward the higher volumes required for asset-backed securitization, a longer-term financing arrangement in which an entire portfolio may be sold through capital market sources.

July 20, 2006
Prestige Financial Adds Scot Seagrave as Senior Vice President to Lead National Expansion
SALT LAKE CITY, Utah, July 20, 2006 – Prestige Financial Services, Inc. has announced the recent addition of Scot Seagrave as its Senior Vice President of Loan Origination. Seagrave will direct the company’s marketing and loan production efforts as it accelerates its growth into additional states throughout the country.

Seagrave joins Prestige from DriversSelect, a leading automobile dealership group in Texas. As co-founder and Executive Vice President, he managed all finance operations and lender relationships, growing the company in less than three years to 200 employees with annual sales in excess of $50 million.

“Anybody in the industry who has worked with Scot knows that he’s an extraordinary leader,” said Prestige COO Robert Avery. “In terms of sheer population, we’re poised to double our market base during the next twelve months, and Scot has accepted our challenge to help us get there successfully.”

A former Wall Street equity trader, Seagrave gained his early experience in the automobile industry as a finance manager for Easterns Automotive Group in the Washington, D.C. area. He and his wife Danielle now make their home in Salt Lake City.