10/27/2014
VIRGINIA BEACH, Va – Coastal Credit LLC (“Coastal”), a leading independent auto finance company, announced a number of key management additions along with the relocation of its corporate headquarters.
Coastal has named Martin McFarland as the new President and CEO of the organization, coinciding with the planned retirement of Coastal’s Founder and CEO, William McKnight. Additionally, as part of a broader investment to continue the Company’s 27-year legacy of serving auto dealers and their military and civilian customers, Coastal has added significant experience to its leadership team with the hiring of a VP of Operations and VP of Sales and Marketing. As part of these enhancements, Coastal will relocate its corporate headquarters from Virginia Beach, VA to Indianapolis, IN in early 2015 while also establishing a new production office there.
Mr. McFarland joins Coastal with a wealth of experience in and around the auto sector. Most recently, Marty was Co-Founder and President of Dealer Services Corporation (“DSC”) where he helped grow DSC into the largest floorplan company serving the independent dealer market. DSC was acquired by Manheim in 2012 and was renamed NextGear Capital in 2013 following a merger with MAFS.
Regarding his new role, Marty stated, “I am thrilled to accept the role of President and CEO of Coastal Credit. Coastal has been a leading provider of auto finance to both military and civilian customers throughout its nearly three-decade history. The Company and its employees have delivered great service to both its customers and dealer partners. We look forward to continuing to invest in the business to further establish Coastal as a leader in the marketplace.”
The company also recently added Brian Switalski as VP of Operations. Mr. Switalski brings a deep background in auto lending most recently serving as President of Southern Auto Finance (“SAFCO”). At SAFCO Brian was responsible for developing the company structure from the ground up. He managed all facets of daily operations for the company, leading teams of employees and implementing turnaround principles to increase profitability and growth.
Also joining the team is Joe O’Brien, VP of Sales and Marketing. Mr. O’Brien joins Coastal from Dealers’ Financial Services and the MILES Program where he served as President. Joe’s experience provides Coastal key depth in the military and civilian lending markets as well as significant experience in sales and marketing.
Finally, the Company has promoted Ryan Clements to VP of Technology. Ryan has been a key member of the team and will continue to drive Coastal’s long term technology strategy and implementation.
About Coastal Credit LLC
Coastal Credit LLC is a specialized auto finance company that acquires sub-prime auto receivables from both franchised and independent automobile dealers which have entered into contracts with purchasers of used cars and light trucks. Coastal Credit was purchased by Parthenon Capital Partners, a private equity firm with locations in Boston and San Francisco, in February 2013 through the acquisition of White River Capital, Inc. Coastal Credit currently conducts business in 27 states through its 13 branch locations.