NEW YORK, Aug. 13, 2024 (GLOBE NEWSWIRE) — Obra Capital, Inc. (“Obra”), an asset management firm with a specialized approach to alternative investing, announced today that it has partnered with the Solera Auto Finance, LLC (“SAF”) team in a management buyout from Solera Corp. SAF will be rebranded as “Arra Finance”.

SAF initially went to market in April 2022 and quickly developed relationships with 6,000 franchise and independent dealerships across 44 states. The company will leverage these relationships for an expected Q32024 market re-entry to provide a subprime auto financing solution for used car buyers. Arra Finance’s scalable loan origination system, proprietary scorecard and data warehouse provides franchise and independent dealers access to finance solutions to facilitate auto sales for the dealership’s customers.

As part of the transaction, industry veteran Kenn Wardle will continue as Chief Executive Officer and Chief Revenue Officer, and Steven Lackowski will continue as Chief Financial Officer. In addition, Allan Thompson will continue to serve as Chief of Staff, Cinde Perales will remain as Head of Compliance and Eugene Sims will remain as Head of Underwriting and Funding Operations. The leadership team has an average 25 years of auto finance experience with deep and relevant experience scaling finance platforms. Arra Finance will continue to be based out of Irving, Texas.

“This company is a compelling addition to Obra’s capabilities and asset-based finance strategy,” said Blair Wallace, President and Chief Executive Officer of Obra Capital, Inc. “The current economic and competitive environment makes this an opportune time to have a focused financing platform for the growing auto finance market. Combining the company’s skills with Obra’s existing structuring and credit expertise enables us to jointly work with securitization market participants and forward flow purchasers to create highly rated assets. Arra Finance’s platform is scalable, and we believe it will produce attractive risk-adjusted unit economics and is an opportunity that provides Obra’s investors with exposure to the U.S. auto finance market at a cyclically attractive entry point. We look forward to working with Kenn and the executive management team as they lead the company going forward.”

“We couldn’t be more excited to be working with Blair and the Obra team,” said Kenn Wardle. “Our auto-financing platform merges the dealer-focused finance experience with technology that streamlines the car-buying experience while delivering economic value to the dealer customer which we believe provides the basis for long term customer success. We are excited about working with Obra to grow Arra Finance’s origination business, lever our proprietary credit scorecard and capitalize on prior automation and infrastructure investment to open additional dealer relationships.”

Arra Finance’s Leadership Team:

Kenneth (Kenn) Wardle, Chief Executive Officer and Chief Revenue Officer

Prior to SAF, Mr. Wardle served as the Chief Risk Officer of Open Lending, an automotive finance lending enablement platform. Mr. Wardle previously worked as Chief Operating Officer for Horizon Digital Finance Holdings, Inc.; Chief Executive Officer of Jet Business Loans, LLC; Co-founder and Executive Vice President of Exeter Finance Corporation, a company that specializes in subprime auto financing; and in leadership roles at AmeriCredit Corporation (now GM Financial) and Drive Financial, LP (now Santander Consumer, USA). Mr. Wardle’s experience spans key functions within the lending industry including portfolio and risk management, financial operations, research analytics, credit analysis, information technology, compliance and corporate reporting. Mr. Wardle holds a Bachelor of Business Administration degree from Texas Wesleyan University and an MBA from Texas Christian University.

Steven Lackowski, Chief Financial Officer

Prior to SAF, Mr. Lackowski was a director in PricewaterhouseCoopers (PwC) Banking and Capital Markets practice where he led large engagements covering consumer finance capital markets transactions, valuation, accounting, and technology services. Previously, Mr. Lackowski was a Manager in Grant Thornton’s Financial Services Advisory practice where he focused on mergers and acquisitions, strategic financial planning and was a key part in developing their national securitization practice. Mr. Lackowski has experience working with finance teams in start-ups through Fortune 500 companies. He has deep leadership expertise in liquidity management, capital markets financial planning and analysis, and accounting and reporting. Mr. Lackowski serves on the Board of Directors as the chair of the Finance Committee and Treasurer for Liftfund. Mr. Lackowski holds a bachelor’s degree from Northern Illinois University and an MPA from the University of Texas at Austin. He is a Certified Public Accountant (CPA) in Texas and Illinois and a Chartered Financial Analyst (CFA).

Allan Thompson, Chief of Staff

Prior to SAF, Mr. Thompson was Chief Strategy Officer for Sprout Funding who acquired Jet Capital where he was co-founder and COO/CEO since inception in 2015. Prior to that, Mr. Thompson was VP of Strategy & Implementation at Exeter Finance Corp where he led operations strategy and strategic initiatives to help them grow from $200 Million to $3 Billion in receivables. Mr. Thompson earned his Chemical Engineering degree from the Rose-Hulman Institute of Technology, and his early career included time with A.E. Staley Mfg., Monsanto, Reicchold Chemical, and Dow before joining the Circle 360 executive team where he oversaw investor relations, business development, and strategic partnerships. In 1996, Mr. Thompson co-founded Quick Reference Corporation and in 2008 he cofounded Pacific Hemisphere Company. Mr. Thompson’s 34 years of experience include executive management, operations, business development, sales, global account management, process/production engineering, R&D, and risk management. Mr. Thompson currently sits on the Keller ISD CTE Advisory Board and the Board for the veteran’s organization known as Gallant Few.

Cinde Perales, Head of Compliance

Prior to SAF, Ms. Perales served as the Chief Compliance Officer of Drivrz Financial. Ms. Perales previously worked as Senior Vice President Compliance for Exeter Finance Corp. In this role, she built out the Compliance Management System based on the newly enacted requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the establishment of the Consumer Financial Protection Bureau. Ms. Perales’ background also includes consumer finance operations experience as National Funding Operations Leader at Sixth Gear Solutions, an independent sub-prime auto finance company and 19 years at AmeriCredit Financial Services, Inc. (now GM Financial) in various roles including Controller, Treasurer, Policy Development, and various operational roles. Prior to this, she was an auditor with Coopers & Lybrand. Ms. Perales earned a Bachelor of Business Administration degree in Accounting from the University of Texas at Arlington and continues to maintain her CPA license with continuing education focused primarily on consumer finance regulations.

Eugene Sims, Head of Underwriting and Funding Operations

Prior to SAF, Mr. Sims was the VP of Underwriting for Drivrz Financial, an independent automotive leasing company. Mr. Sims also has experience leading a large team as VP of Originations at Exeter Finance and as its Director of Inside Sales. He started his career in auto finance in 1999 at AmeriCredit Financial Services as a Credit Manager ultimately being promoted to Area General Manager of that territory. Mr. Sims has held various positions in the lending space from underwriting mortgages to working as a Commercial Account Manager for GM Financial handling Floor Plan products and Lines of Credit. Mr. Sims earned a Bachelor of Arts degree from Dartmouth College.

About Obra Capital

Obra Capital, Inc. is an alternative asset management firm that provides investment products and solutions across insurance special situations, structured credit, asset-based finance, and longevity. The firm aims to generate long-term value and returns for investors through a variety of funds and separate accounts. With capabilities in investing, originating, structuring, and servicing, Obra provides differentiated investment opportunities for investors globally. As of June 30, 2024, Obra Capital Management, LLC’s estimated unaudited amount of assets under management was approximately $4.9 billion. For more information about Obra, please visit www.obra.com.

About Arra Finance

Arra Finance is a leading subprime auto-finance company which offers fast, simplified lending solutions for buyers and multiple compelling advantages for dealers. The company’s cutting-edge auto finance platform provides more than 1,200 franchise and independent dealerships across 41 states with auto financing solution for used car buyers. Its scalable loan origination system and data warehouse provides franchise and independent dealers access to finance solutions and enables them to facilitate auto sales for the dealership’s customers. For more information about Arra Finance, please visit www.arrafinance.com.

Media Contact:

Dan Gagnier
Gagnier Communications
Obra@gagnierfc.com
646-569-5897