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July 30, 2014
Scott Romney Named Prestige Financial Chief Legal Counsel
Prestige Financial Services, Inc. has named Scott Romney as Chief Legal Counsel. He will oversee the Larry H. Miller-affiliated auto finance company’s legal affairs, including state and federal regulatory compliance.
Romney joins Prestige from the United States Attorney’s Office, District of Utah, where he was an assistant U.S. attorney working in national security, anti-terrorism and bankruptcy, while specializing in federal crimes including bank fraud, wire fraud, mail fraud, money laundering, mortgage fraud, visa fraud, tax crimes and human trafficking.
“Scott is an outstanding fit for our organization and carries impeccable credentials. I am very pleased to have him as a member of our leadership team,” says Prestige President, Bryant Henrie.
After earning a Bachelor of Science in Political Science from the University of Utah, Romney went on to earn his Juris Doctor from Brigham Young University. He was a member of Utah’s Legal Elite in 2012, received a United States Attorney’s Award of Excellence in 2011, and in 2010 earned a Recognition of Outstanding Performance award from the United States Department of the Interior.
March 28, 2012
Prestige Securitizes $245 Million Loan Portfolio
Prestige has completed its ninth rated term securitization, issuing $230,071,000 in securities backed by $244,756,951 in automobile installment receivables. In a transaction led jointly by J.P. Morgan Securities and Wells Fargo Securities, notes were purchased by qualified institutional buyers and accredited investors in a private offering pursuant to Rule 144A of the Securities Act. The securitization closed on Wednesday, March 28.
The five note classes carried ratings ranging from A-1+/R-1h through A+/A from Standard & Poor’s and DBRS, respectively, based on several factors including Prestige’s proven track record as a loan originator and servicer.
“The market continues to respond favorably to Prestige’s transactions, ” notes John Cho, Managing Director at J.P. Morgan Securities. “Investor interest in this deal was very high, with a combination of both long-time supporters and several noteworthy new participants coming to the table. This is a strong execution for the company on all fronts.”
Prestige was founded in 1994 as an affiliate of the Larry H. Miller Group, which includes the N.B.A.’s Utah Jazz and the country’s ninth-largest dealership network. Today, Prestige manages a portfolio of nearly $450 million and does business with approximately 1,000 dealerships in 26 states.
“The Prestige story is one of focused originations and servicing, controlled growth, and the unwavering support of strong ownership,” observes Prestige COO Bryant Henrie. “Our bankers did an outstanding job in helping to share this story with our expanding investor base, and we’re extremely pleased with the results of this transaction.”
November 1, 2011
Prestige Establishes $30 Million Line of Credit with Chase
Prestige Financial has established a $30 million senior secured line of credit with Chase.
The new line of credit represents a renewed and expanding relationship between Prestige and Chase's Utah operations, and comes on the heels of a $12 million amortizing term loan facility that the two entities created in September. The line has a renewable one-year term.
"Chase's support of both Prestige and our parent, the Larry H. Miller Group of Companies, goes back many years," observes Prestige COO, Bryant Henrie. "This line of credit and the recent term deal attest to their understanding of and commitment to our growing business."
July 1, 2011
Prestige Establishes $150 Million Funding Facility With Wells Fargo Securities
Prestige Financial Services, Inc. has established a $150 million funding facility with Wells Fargo Securities, LLC. The new arrangement, which will function similar to a secured revolving line of credit, provides a substantial source of liquidity to fund the Salt Lake City-based auto finance company's consumer lending activities.
This facility, also referred to as a "warehouse," will assist Prestige in methodically growing its loan portfolio and completing periodic asset-backed securitizations, longer-term arrangements in which the company receives bulk financing through the capital markets. The warehouse has a renewable one-year term.
"Wells Fargo is a valued business partner, both for Prestige and for our parent, the Larry H. Miller Group of Companies," notes Bryant Henrie, Prestige's Chief Operating Officer. "This new and significant commitment from Wells will complement our existing financing sources in facilitating our growth plans."
March 28, 2011
Prestige Securitizes $222 Million Loan Portfolio
Prestige Financial Services, Inc. has completed its eighth rated term securitization, issuing $221,620,000 in notes backed by $225,568,960 in sub-prime automobile installment receivables. Underwritten by J.P. Morgan Securities, the notes were purchased by qualified institutional buyers and accredited investors in a private offering pursuant to Rule 144A of the Securities Act. The transaction closed on Monday, March 28th.
The six note classes carried ratings ranging from A-1+/R-1h through BBB/BBB from both Standard & Poor's and DBRS, respectively, based on several factors including Prestige’s proven track record as a loan originator and servicer. The weighted average note yield was 2.74%.
"This transaction marks Prestige's first natural triple-A rated ABS issuance," observes John Cho, Managing Director at J.P. Morgan Securities. "It also enjoyed the company's broadest investor base participation to date. We see both as confirmations of the market's continued confidence in the Prestige name."
Prestige was founded in 1994 as an affiliate of the Larry H. Miller Group, which includes the N.B.A.’s Utah Jazz and the country’s tenth-largest dealership network. Today, Prestige manages a portfolio of over $400 million and does business with more than 500 dealerships in 21 states, eight of which—including New Jersey, Wisconsin and Alabama—were added recently as part of the company’s current push to expand its territory.
"A strong showing by both new and repeat investors allowed us to achieve our best-ever pricing on a term securitization," notes Prestige COO Bryant Henrie. “Our marching orders are to pursue controlled growth while seeking and servicing the type of customer who has proven to be the most successful for us, and this transaction will facilitate that growth."
All notes included in this securitization having been sold, this announcement of their sale appears as a matter of record only.
February 24, 2011
Prestige Financial Adds Eight States to Lending Territory
With its portfolio performance strong and its funding sources expanding, Prestige Financial announced today that it will make its innovative subprime lending programs available to dealerships in New Jersey, Wisconsin, Alabama, Kentucky, Kansas, Hawaii, Montana and Wyoming.
This move will bring to 21 the number of states in which the Salt Lake City-based company does business, a territory that already includes Texas, Illinois, Georgia and Virginia, as well as several other states primarily in the West. The addition of these eight states increases the population of Prestige's lending territory by a third.
"The banks and investors we work with have continued to acknowledge that our portfolio performance remains among the industry's best," observes Scot Seagrave, Prestige's Senior Vice President of Loan Originations. "So we have strong support on the liquidity side, and strong product demand on the dealership side. Now with these new states, we'll be able to help a lot more dealers sell a lot more cars to people who need them."
Best known for financing Open 7, Open 13 and Double Bankruptcy car buyers, Prestige has no minimum credit score or down payment requirements and offers generous advances, extended terms and low fees. Its unique Rate Reduction Program, which automatically drops the APR every three months on loans that perform well, saves Prestige’s best customers a significant amount of money.
The company was founded in 1994 as an affiliate of the Larry H. Miller Group, which includes the N.B.A.’s Utah Jazz and the country’s tenth-largest dealership network. Today, Prestige does business primarily with franchised dealerships—both within and outside of the Miller Group—but originates through some of the country’s biggest independents, as well. It has a line of credit with Wells Fargo Preferred Capital, Inc., recently established a $150 million liquidity facility through JPMorgan Chase Bank, N.A. and remains an active participant in the resurgent asset-backed securitization market, all of which provides the funding basis for its territory growth.
"Through the years, our goal has been to stand with our dealerships as a true partner for shared success," notes Seagrave. "Our industry has seen some tough times lately, but I believe that Prestige has held true to this commitment. We're looking forward to bringing this same success to the dealerships of these new states, and to further supporting dealers and their customers in our existing states."
September 24, 2010
Prestige Financial Establishes $150 Million Conduit Facility With J.P. Morgan
Prestige Financial Services, Inc. announced today that it has established a $150 million asset-backed commercial paper conduit facility through JPMorgan Chase Bank, N.A. in Chicago. The new arrangement, which has a renewable one-year term, provides a substantial and committed source of liquidity to fund the Salt Lake City-based auto finance company’s consumer lending activities.
Functionally similar to a secured line of credit from a bank, a conduit facility aggregates installment receivables which, in turn, back short-term commercial paper sold to institutional investors. This funding source allows lenders to methodically build their portfolios toward the higher volumes required for asset-backed securitization, a longer-term arrangement through which large pools of receivables are financed in bulk through the capital markets.
"The competitive structure and outstanding pricing we achieved on this transaction owe to several factors," observes Prestige's Chief Operating Officer, Bryant Henrie. "Foremost among them are the valued, long-standing relationship between J.P. Morgan and Prestige's parent, the Larry H. Miller Group of Companies, as well as our proven track record in originating and servicing sub-prime auto loans."
This announcement appears as a matter of record only, and does not constitute an offer to sell or a solicitation of an offer to buy any security.
December 11, 2009
Prestige Financial Securitizes $150 Million Loan Portfolio
Prestige Financial Services, Inc. has completed its seventh rated term securitization, issuing $140,530,000 in notes backed by $151,106,059 in sub-prime automobile installment loans. Underwritten by BB&T Capital Markets, the notes were purchased by qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act. The transaction closed on Thursday, December 10th.
The two note classes carried Standard & Poor's ratings of A and BBB based on several factors, including Prestige's proven track record as a loan originator and servicer. The securitization did not require investor reliance on the Federal Reserve's Term Asset-Backed Securities Loan Facility (TALF), and the company believes this to be just the second transaction of its kind to succeed in the market since May 2008.
"This is an outstanding ABS execution by an outstanding issuer in what remains a challenging economic environment," says Andrew Yuder, Managing Director at BB&T Capital Markets. "Investor demand exceeded supply on both note classes, demonstrating the strong market receptivity and liquidity of Prestige's receivables. This transaction reasserted the company's presence at the forefront of the sub-prime auto ABS sector."
Prestige provides consumer financing solutions for automobile dealerships in thirteen states. Founded in 1994 as an affiliate of The Larry H. Miller Group of Companies, Prestige employs more than 250 credit professionals and support staff to service a wide range of borrower types, and is recognized throughout the industry for its innovative lending programs.
"We appreciate the enthusiastic support of both new and repeat investors that ultimately led us to upsize the note offering," observes Prestige COO Bryant Henrie. "This important transaction is a testament to the skill and dedication of our employees, and will allow us to continue to serve our customers at a very high level."
Quadrant Financial Group, LLC advised Prestige on the transaction. All notes included in this securitization having been sold, this announcement of their sale appears as a matter of record only.
November 6, 2009
Sam Harkness Named Prestige Financial Chief Legal Counsel
Prestige Financial has named Sam Harkness as Chief Legal Counsel. He will oversee the Larry H. Miller-affiliated auto finance company's legal affairs, including licensure, commercial financings, and state and federal regulatory compliance.
Harkness joins Prestige from Snow, Christensen & Martineau, a large trial services firm where he focused on commercial litigation. While in private practice, Harkness served in various capacities with the Utah Chapter of the Federal Bar Association, the Salt Lake County Bar Association, and the Utah State Bar.
"Sam comes to Prestige with highest recommendations from trusted colleagues," says Prestige COO Bryant Henrie. "He's an extraordinarily competent and capable attorney who will do great things here. We're very pleased to have him on board.
After earning B.A. and J.D. degrees from Brigham Young University, Harkness completed a judicial clerkship in the United States District Court for the District of Utah. He has been named among the "Utah Legal Elite" and "Mountain States Rising Stars" by Utah Business and Super Lawyers magazines, respectively, and currently resides in suburban Salt Lake City with his wife, Brooke, and their three children
August 25, 2009
Prestige Financial Gets Credit Commitment From Comerica Bank
Prestige Financial announced today that Comerica Bank will join Wells Fargo Preferred Capital and Bank of America Business Capital as lenders on Prestige's line of credit. The addition of Comerica will further facilitate the Salt Lake City-based auto finance company's ongoing consumer lending and loan servicing activities.
"Prestige Financial's parent company, the Larry H. Miller Group, is one of Comerica Bank's valued customers," said Daniel Hartmann, Comerica's Senior Vice President for the Central Region. "This new credit commitment to Prestige enhances our long-term relationship with the Miller Group."
The senior secured revolving facility, managed by lead agent Wells Fargo Preferred Capital, is structured to allow additional lenders to participate in syndication, to a maximum principal amount of $300 million.
"We're seeing tremendous opportunities in the market right now, with strong demand for our product," notes Bryant Henrie, Prestige's Chief Operating Officer, "Comerica's added support will help us to better serve our dealerships and our car-buying customers."
June 22, 2009
Rich Hyde is new Executive Vice President at Prestige Financial
Rich Hyde has been named Prestige Financial Services, Inc.’s Executive Vice President of Operations. Hyde will oversee loan servicing, operations policy and client special situations for the Salt Lake City-based auto finance company.
"Rich has proven his merit for this position," says Chief Operating Officer Bryant Henrie, to whom Hyde will continue to report. "He knows this industry, he understands our customer and, most importantly, he's earned our employees' respect through his many years of successful service."
In his previous capacity as Prestige's Senior Vice President of Portfolio Management, Hyde led a staff of nearly 200 customer service representatives, collectors and recovery agents in servicing Prestige's portfolio of over 40,000 auto loans. His teams have continually delivered industry-leading performance, including during the recent economic downturn that has seen several of Prestige's competitors exit the market.
Hyde joined Prestige in 2002, prior to which he was a division vice president of collections for a national bank’s mortgage operation. His 16 years of experience have been devoted to collections and asset recovery in the subprime market.
June 4, 2009
Prestige Financial adds Bank of America to Line of Credit, Wells Fargo increases commitment
Prestige Financial announced today that Bank of America Business Capital has joined a line of credit the auto finance company established earlier this year with Wells Fargo Preferred Capital. In the same transaction, Wells Fargo Preferred Capital has increased its own commitment to Prestige by 20 percent. Together, these changes more than double the line's funding capacity.
"Prestige is a profitable and well-managed company seeking additional liquidity to support its business activities," says John Mostofi, Bank of America Business Capital’s Division Executive. "We’re pleased to be able to build on the existing relationship between Bank of America and Prestige’s parent, the Larry H. Miller Group."
The senior secured revolving facility, on which Wells Fargo Preferred Capital acts as lead agent with Bank of America Business Capital serving as documentation agent, is structured to allow additional lenders to participate in syndication, to a maximum principal amount of $300 million.
"We value the long-term relationship between Bank of America and the Miller Group," observes Prestige's Chief Operating Officer, Bryant Henrie. "This new commitment to Prestige represents a high level of mutual respect as well as a shared commitment to future success."
May 21, 2009
Auto Industry Veteran Bryant Henrie Named Prestige Financial's Chief Operating Officer
Bryant Henrie has been named Chief Operating Officer of Prestige Financial Services, Inc. As its most senior executive, Henrie will direct the Salt Lake City-based auto finance company's efforts to capitalize on market opportunities and further leverage Prestige's relationship with its parent, the Larry H. Miller Group of Companies.
"Prestige's success is one of our top priorities, and Bryant has proven his merit," affirms Miller Group CEO Greg Miller. "He's a man of expertise, character and leadership. His acceptance of this important responsibility gives us great confidence in the company's future."
Henrie joins Prestige after serving for fourteen years as Senior Vice President of Dealership Operations for the Miller Group, the nation's tenth-largest auto retailer. In this capacity, he was responsible for the performance of fifteen dealerships that last year generated more than $725 million in revenue and sold nearly 25,000 vehicles in six western states.
At Prestige, Henrie will lead a team of six senior managers with nearly 40 years of combined tenure with the company, complementing his own 27 years of industry experience. He entered the auto industry upon graduating from college, later joining the Miller Group as a dealership finance manager and advancing rapidly through the roles of used car manager, sales manager and general manager.
February 26, 2009
Prestige Announces New Line of Credit with Wells Fargo Preferred Capital
Prestige Financial Services, Inc., an affiliate of the Larry H. Miller Group of Companies, announced today that it has established a three-year senior secured revolving line of credit with Wells Fargo Preferred Capital (WFPC). The facility, which replaces an existing line of credit, will support the Salt Lake City-based company’s ongoing auto financing activities.
The facility is structured with WFPC as both lead lender and agent, and will allow additional lenders to participate in syndication, to a maximum principal amount of $300 million.
"This line of credit adds another facet to our outstanding, long-term relationship with Prestige’s parent, the Larry H. Miller Group," says Tom Murphy, President of WFPC. "Prestige’s proven expertise as an originator and servicer, combined with the Miller backing, presented a compelling case for us to further Wells Fargo’s support of consumer credit through this new facility."
Now in its fifteenth year of operations, Prestige provides consumer financing solutions for automobile dealerships both within and outside of the Larry H. Miller Group, which is the nation’s tenth-largest auto retailer. Prestige manages more than $600 million of automobile loans and is recognized throughout the industry for its innovative lending programs and strong portfolio performance.
"Amid unprecedented disruption in our industry, Prestige is pleased to have the support of a partner as widely-respected as Wells Fargo," notes Prestige CEO Robert Avery. "We’ve made remarkable advances in both the yield and performance of our recent originations, and this facility will play an important role in our continued success."
Greg Miller, CEO of the Larry H. Miller Group, adds, "We are pleased to expand our long-standing relationship with Wells Fargo. This relationship has contributed significantly to our growth over the years, and we look forward to working more closely with them in the future."