IRVING, Texas, March 12, 2025 (GLOBE NEWSWIRE) -- Arra Finance LLC (“Arra” or the “Company”), a subprime indirect auto finance company, today celebrates significant progress successfully relaunching and leveraging its scalable originations system, proprietary scorecard and data warehouse to provide access to finance solutions and facilitate auto sales for franchise and independent dealers.
With the backing of Obra Capital Inc. (“Obra”), which acquired the Arra platform in 2024, the Company has access to the capital and platform capabilities necessary to process, underwrite and provide prompt feedback on quality credit applications submitted by dealers, and to purchase retail installment contracts in line with the industry standard turnaround times.
Dealers/Financing desks generally received a decision in under nine minutes from submission by the dealership. About 20% of the retail installment contracts purchased in the first two months of 2025 were cashed the same day the funding package was received from the dealership. On average, all contract packages received for approved credit applications were funded and purchased from dealers within three days of receipt.
Arra’s flexible pricing program creates opportunities for dealers to capitalize on enough back-end products to meet profit targets, while also ensuring the borrower enters a retail installment contract that is intended to remain affordable across economic cycles. Arra’s platform provides a dealer-focused origination processing experience that combines technology with the human touch of experienced industry professionals. Arra’s team ensures each contract is structured to match the needs of the dealer, while also facilitating long-term success for subprime car buyers.
“Our goal as a firm is to streamline the car-buying experience and meet the needs of an underserved segment of the market, with quality underwriting and financing solutions that we believe help both our dealers and their end customers meet their financial goals,” said Kenn Wardle, Chief Executive Officer of Arra Finance. “We’ve had a very successful first four months in market. We look forward to establishing additional dealer relationships as we continue to build out our platform, maximizing efficiency for timely decisions and swiftly funded contract packages.”
Thomas Diggs from Ricart Chevrolet Buick GMC in Columbus, Ohio, one of Arra’s dealer customers, added: “Arra has demonstrated a refreshing willingness to find a way to put a deal together, and not just a deal, but a deal that gives a consumer a good opportunity to redeem their credit and be successful with their rebuilding process in a way that protects our dealership, as well as our portfolio.”
“We have seen Arra’s team and platform step up to meet a significant need in the auto finance market,” added Blair Wallace, President and CEO of Obra. “This is a scalable platform, and with the benefit of Obra’s insurance company balance sheets, structuring and credit capabilities, we’re optimistic about Arra’s capacity to meet the need for dealer financing solutions and grow significantly.”
About Arra Finance
Arra Finance is a subprime indirect auto finance company that purchases and services retail installment contracts originated by U.S. automobile dealers. Arra offers fast, simplified solutions and options for dealers. The company’s cutting-edge auto finance platform provides more than 1,200 franchises and independent dealerships across 30 states with auto financing solutions for used car buyers. Its scalable origination system and data warehouse provide dealers with 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.
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 January 2025, Obra Capital Management, LLC’s estimated unaudited amount of assets under management was approximately $5.4 billion. For more information about Obra, please visit www.obra.com.
Media Contact:
Dan Gagnier
Gagnier Communications
Obra@gagnierfc.com
646-569-5897
