Rifco Lends 1 Billionth Dollar
Red Deer, Alberta, March 27, 2018: Rifco Inc. (TSXV: RFC) (“Rifco” or the “Company”) the largest publicly-traded alternative auto finance company in Canada, announced today that its wholly owned subsidiary, Rifco National Auto Finance (“Rifco”), has lent one billion dollars since inception.
Founded over 15 years ago, Rifco provides consumers with automobile loans through dealers across Canada.
The road has not been easy for Rifco, like many companies, it has worked through a credit crisis, auto industry crisis, and most recently, a prolonged Alberta downturn. Rifco began with 2 employees. Fast forward 15 years, the company has over 100 employees and has provided auto loans for over 50,000 Canadians.
Rifco’s Chief Executive Officer, Bill Graham recognizes this is an accomplishment that doesn’t happen every day, “Putting a billion dollars into context is difficult for me. This milestone, one billion dollars lent, is a big deal. Congratulations to Rifco and to all its valued employees.”
To celebrate the accomplishment, Rifco has awarded prizes leading up to the milestone including a trip around the world to the Dealer Partner that takes them over the one-billion-dollar mark, gas-for-a-year to the customer that is on the financed contract, and staff giveaways leading up to the big day. Rifco ensured that everyone involved is celebrated.
As impressive as this accomplishment is, Rifco looks forward to hitting more significant growth milestones in the coming years.
Rifco Inc. is focused on being the best alternative auto finance company through its wholly owned subsidiary Rifco National Auto Finance Corporation. Our mission is to help deserving Canadians own automobiles. Rifco is Canada’s largest publicly traded alternative auto finance company.
Rifco seeks to create sustainable long-term competitive advantages through personalized partnerships with dealers, innovative products, the use of industry-leading data and analytics, and leading collections practices. Rifco’s corporate culture fosters employees that are highly engaged, innovative, and performance driven.
Rifco is committed to creating value for all stakeholders through profitable growth and predictable credit performance, while pursuing its long-term vision of $500M in annual loan Originations.
The common shares of Rifco Inc. are traded on the TSX Venture Exchange under the symbol “RFC”. There are 21.60 million shares outstanding and 23.34 million (fully diluted) shares.
Warren Van Orman
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 EXT 7007
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.