- 1 state cap auto finance inc
- 2 Get pre-approved. Shop with confidence
- 3 The 10 most valuable auto companies in the world
- 4 WELCOME TO CAPITAL AUTOMOTIVE FINANCIAL
- 4.0.1 Capital Automotive Financial ( “ CAF ” ) is the premier provider of unique capital structures for facilitating dealership growth, brand diversification, and/or succession to best-inclass Dealers, Chief Operating Officers, and General Managers (collectively, our “ Dealer Partners ” ).
state cap auto finance inc
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The 10 most valuable auto companies in the world
These are the biggest names in the auto industry.
Tesla Inc (ticker: TSLA) stock achieved another milestone recently, briefly surpassing German luxury automaker BMW in market capitalization on June 9 as it continues its climb as one of the world's most valuable auto manufacturers in the world. Tesla is unique among most auto peers in that the majority of its market valuation comes from future projections rather than current production.
Here's a look at the 10 biggest auto companies, according to current stock prices:
French auto company Renault has shares listed on the European Euronext market. The Renault Clio IV, Captur and Megane IV were among the top-selling models in France in 2017. Despite a 2.7 percent increase in revenue and a 112.5 percent increase in net income in the past three years, Renault's market cap has dropped 3.3 percent in that time. Renault is looking to the future by collaborating with Nissan to "develop a comprehensive, modular transportation system to enable clients to book rides and mobility operators to monitor and operate self-driving car fleets."
Photo credit: Reuters
The price-earnings multiple contraction that has impacted the rest of the traditional auto industry in recent years has hit Nissan as well. The company's market cap has drifted lower by 2.7 percent in the past three years despite a 40 percent rise in revenue and a 56 percent rise in net income. In addition to the driverless car partnership with Renault, Nissan is looking to the future with its Leaf electric car. The Leaf was released back in 2011 and is the best-selling electric vehicle of all-time, with more than 250,000 models sold as of January 2017, according to Motor Trend.
Photo credit: Reuters
Ford has been one of the pillars of the Detroit-based U.S. auto industry since its inception more than a century ago. However, Ford's net income declined by 35 percent in the first quarter of 2017 and is down 67.3 percent in the past three years. Despite 4.5 percent revenue growth in that same period, Ford's market cap has declined 34.3 percent. New CEO Jim Hackett is leading a turnaround effort that includes bringing a fully driverless car to market by 2021. At a forward P/E of only 6.8, Ford could be a value play for investors if the turnaround effort succeeds.
Photo credit: Reuters
7. Honda Motor Co. (HMC): $50 billion
Japan's Honda is known for popular models such as Civic, Accord and CRV. Despite selling a record 4.7 million automobiles in 2016, according to Statista, Honda's market cap has declined by 20.3 percent in the past three years. Perhaps investors are concerned that the company will be late to the game in adapting to the changing auto industry. Last year, BI Intelligence projected more than 20 million driverless cars will be on the road by 2020, but Honda is targeting 2025 for the launch of its first driverless model.
Photo credit: Reuters
Earlier this year, Tesla passed General Motors in market cap, ending GM's long reign as the largest U.S. auto company. GM's fully-electric Chevrolet Bolt EV was named the 2017 Motor Trend Car of the Year and is the Model 3's biggest competition in the affordable, long-range electric vehicle market at this point. Yet despite the positive performance of the Bolt EV, investors remain skeptical of GM's long-term prospects. Net income is up 210 percent in the past three years, but GM's market cap has shrunk 12 percent in that time.
Photo credit: Reuters
Tesla is expected ship its first Model 3 this summer. Tesla produced a total of just 83,922 vehicles in all of 2016, suggesting the company has a lot to prove to justify its valuation. Tesla reported -$622 million in free cash flow in the first quarter of 2017 as it continues to invest heavily in building up its production infrastructure. Tesla bulls cheer CEO Elon Musk's innovative vision for transforming the auto industry. However, earlier this year, hedge fund manager David Einhorn said investors are "hypnotized9quot; by Musk, and UBS analyst Colin Langan said Tesla's stock is "disconnected from fundamentals."
Photo credit: Reuters
German auto giant BMW is one of the most successful luxury car producers in the world. In 2016, BMW reported record global sales of 2 million automobiles, up 5.2 percent from 2015. However, BMW stock is suffering from a familiar trend among legacy automakers. The company's market cap is down 25.7 percent in the past three years. BMW got off to a strong start in the electric car era with the launch of hybrid i3 and i8 models in 2013 and 2014. Since that time, BMW has been "falling behind in electrics," Union Investment fund manager Ingo Speich said earlier this year.
Photo credit: Reuters
German automaker Volkswagen produced 6 million automobiles in 2016, but its key growth metrics are heading in the wrong direction. Revenue is down 8.7 percent in the past three years, while net income has plummeted 46.4 percent. In that same time, the company's market cap has dropped 37.5 percent. Volkswagen's reputation also took a big hit in 2015 when the U.S. Environmental Protection Agency revealed the company had been cheating on emissions tests since 2008. In March, CEO Matthias Muller admitted that while he would "love to tell the investors they should indeed stay calm … the Volkswagen brand is struggling to find its way in the future."
Photo credit: Getty
Daimler, owner of the luxury Mercedes-Benz brand, is the largest German automaker, selling roughly 3 million vehicles worldwide last year. Like all of the other legacy automakers, Daimler's market cap is trending in the wrong direction, down 23.7 percent in the past three years. Tesla may have brought the concept of driverless car technology into the main-stream consciousness, but Daimler's 2014 Mercedes-Benz S-Class sedan will always hold the distinction of being the first car to feature hands-off driving capabilities. Daimler has also been investing heavily in battery-electric drivetrains, investments shareholders hope will pay off in the coming decades.
Photo credit: Reuters
1. Toyota Motor Corp. $174.2 billion
With a market cap of more than $157 billion, Japan's Toyota Motor Corp. (TM) is the largest auto company in the world, nearly three times the size of Tesla. Toyota is not immune to the overall weakness in legacy auto stocks, as its market cap is down 13.9 percent in the past three years. The Prius is the top-selling hybrid model in history, with more than 6 million units sold as of the end of 2016. However, Toyota has fallen behind market leaders in electric car technology. In November, the company appointed its CEO Akio Toyoda to lead its newly-formed electric car division.
WELCOME TO CAPITAL AUTOMOTIVE FINANCIAL
Capital Automotive Financial (“CAF”) offers unique equity solutions to best-in-class Dealers, Chief Operating Officers and General Managers who are seeking equity capital solutions to build their dealership platform(s). Led by industry veteran Richard Kotzen, CAF is a partnership between Capital Automotive Real Estate Services, Inc. (“CARS”), a leading provider of real estate financing to the retail automotive industry and Two Sigma Private Investments (“TSPI”), the private investments division of Two Sigma Investments. The partnership between CARS, TSPI and Richard Kotzen pairs leaders with significant industry expertise and relationships with a flexible capital base that can deliver customized equity solutions to the dynamic needs of the retail automotive industry.
CAF will provide flexible, patient equity capital that is unique as compared to traditional financing structures available in the market today. CAF’s primary investment goal is to be a lower-risk option to help auto dealers grow and develop through deploying equity capital. Whether CAF is requested to expedite growth, support entrepreneurialism, or facilitate a generational transition, CAF can provide a customized equity capital solution designed specifically for our Dealer Partners. CAF’s investment structure is designed to deploy capital faster than traditional capital sources while eliminating many of the difficulties typically experienced in executing a retail automotive dealership transaction(s).
CAF offers Dealers, Chief Operating Officers, and General Managers a one-of-a-kind financing partnership that currently does not exist in the traditional financing market available to the retail automotive industry. CAF will be the ‘one-stop-shop’ for equity and real estate financing solutions that dealers have been looking for to facilitate their growth goals and visions.
CAF has a number of powerful advantages to our competitors, (1) Richard Kotzen, a financial professional who has focused his career on the retail automotive industry and has participated in over $4 billion of enterprise buy/sell transactions, (2) the CAF partnership with CARS, which provides 19 years of retail automotive real estate leadership, including a team with financial backgrounds experienced in analyzing retail dealership operations, and (3) TSPI, our founding investor, which offers patient capital, an understanding of successful investments in the retail automotive industry, and an experienced investment team to assist CAF. CAF’s investment team experience will enable faster deal cadence, successful navigation of common challenges encountered by other Wall Street buyers, and the implementation of appropriate deal structures based on the OEM approval process. CAF will be the ‘one-stop-shop’ for equity and real estate financing solutions that dealers have been looking for to facilitate their growth goals and visions. CAF anticipates recycling its return on invested capital into future retail automotive investments. In comparison to many “Wall Street” firms, CAF’s capital is long-term and ever-greening.
Capital Automotive Financial ( “ CAF ” ) is the premier provider of unique capital structures for facilitating dealership growth, brand diversification, and/or succession to best-inclass Dealers, Chief Operating Officers, and General Managers (collectively, our “ Dealer Partners ” ).
financing solutions for equity and real estate financing solutions that Dealer Partners have been looking for to facilitate their growth goals and visions.
deep retail automotive dealership operations and merger and acquisitions experience.
to support Dealers, Chief Operating Officers and General Managers in executing their long- and short-term business and growth plans.
FLEXIBLE OWNERSHIP STRUCTURE OPTIONS
spanning minority- to majority-ownership positions, with built-in FMV buyout provisions for Dealer Partners.
across OEMs, target acquisitions, leading dealers, regulators, professional advisors, and service providers. CAF’s and CARS’s key differentiator is established automotive expertise, with a thorough understanding of key retail automotive dealership merger-and-acquisition transaction issues, milestones, and OEM approval processes, allowing the acquisition process to flow more efficiently.
FLEXIBLE FINANCING ALTERNATIVES TO FIT MOST SITUATIONS
whether equity financing for growth, acquisitions, generational transitions, or succession planning, CAF will tailor a unique structure to meet our Dealer Partners’ growth needs.
IN-HOUSE UNDERWRITING CAPABILITIES
at CAF, TSPI, and CARS allows for a streamlined due-diligence process, enhancing transaction speed and funding certainty.
DEALER PARTNER OPERATING AUTONOMY
to pursue his or her vision.
CAF’s goal is to modernize the OEM Dealer Development programs for successful approvable Dealer Partners with track records of strong retail automotive operations and the desire to grow and diversify their dealership platforms or participate for the first time in ownership with the ability to attain 100% ownership, if desired
- Target Enterprise: franchised retail automotive dealerships located in the U.S. CAF is targeting well-performing dealerships and/or platforms, but will also consider turn-around opportunities
- Geography & Brands : agnostic
- Net Income: minimum pre-tax net income, including add-backs, of $2 million per store
- Real Estate: lease or purchase real estate
- Target Partners: Dealer Partners who possess a proven managerial track record in the retail dealership industry and are “OEM approvable”
- Capital Structure: flexible investment structures with both minority and majority ownership. CAF will hold ownership interests ranging from 20% to 80%, but anticipates many investments migrating towards the middle of the ownership range. CAF is a customized capital solution with the goal of meeting the Dealer Partner’s needs and CAF’s investment objective. CAF expects that Dealer Partners will increase their ownership percentage over time or pursue follow-on transactions, using their portion of distributable cash flow
President & CEO, Board Member
Chairman of the Board
As OEMs scaled back their dealer development programs, the CAF founders believed that an opportunity existed to provide financing capital to the next generation of Dealer Partners. CARS and the professionals of TSPI, who have known each other for over 10-years, began and discussing this need a number of years ago and started working together to build the CAF platform. Together, they approached Richard, with whom Jay Ferriero (CEO of CARS) has had a professional relationship for over 20 years, to lead the CAF business. Richard has also worked with TSPI for several years as well providing professional consulting and advisory services on a number of opportunities prior to joining CAF.
As the first company focused solely on providing highly tailored sale–leaseback capital to the automotive retail industry, CARS has exclusively supported automobile dealers since 1998.
Through custom-tailored real estate finance, CARS assists dealers in growing their organizations, acquiring new locations, upgrading existing facilities, constructing new stores, and facilitating estate planning and partner buyouts. In many situations, CARS has aided dealers by maximizing liquidity and flexibility.
CARS was created based on the collaboration of automobile dealers and experts in real estate and finance. Since inception, the team at CARS has developed and maintained relationships throughout the industry that have provided an in-house level of expertise unparalleled in the marketplace.
Since October 2014, Capital Automotive has been owned by Brookfield Property Partners and its institutional partners. Brookfield Property Partners (NYSE: BPY; TSX: BPY.UN) is a leading owner, operator, and investor in best-in-class real estate around the globe. Its diversified portfolio includes interests in over 300 office and retail properties encompassing 250 million square feet, 22,000 multifamily units, 47 million square feet of industrial space, and a 100-million-square-foot development pipeline. Its assets are located largely in North America, Europe, and Australia but also include a growing presence in China, Brazil and India.
Two Sigma Private Investments (“TSPI”) is the private markets investment division of Two Sigma Investments, LP (“Two Sigma”). TSPI focuses on developing and executing private investment opportunities that provide diversifying sources of return for its investors. Investing largely on behalf of the proprietary capital of Two Sigma, TSPI employs a principal mindset, using its flexible capital base to create investment opportunities with the potential for asymmetric risk-rewards. TSPI has developed particular expertise in building business platforms with experienced operators and strategic partners across several industries including financial services, transportation and resources. The TSPI team is comprised of professionals with significant institutional private investment experience who also benefit from the strength of the Two Sigma platform.