Chadds Ford, Pa.-based Flagship announced on Nov. 21 that it had entered into an agreement to sell the business to New York-based InterVest and would be rebranded to Flagship Financial Group, according to a company release. Once the transaction is closed, Jim Landy will become chief executive.
Prestige Financial Services also informed dealerships that it was stopping originations as of Nov. 20, according to an email obtained by Auto Finance News.
Draper, Utah-based Prestige will continue to service its loans and fund contracts received before Nov. 20, according to the email.
Prestige also reportedly laid off an undisclosed number of employees this month, AFN reported.
Meanwhile, Tricolor representatives were no-shows at the Section 341 Meeting of Creditors on Nov. 18, which was attended by 150 people.
The lack of representation was unusual and raised questions about why no one appeared on Tricolor’s behalf.
In other news, AFN is pleased to recognize 10 auto finance executives to watch in 2026. These leaders have produced noticeable results in their respective organizations in 2025 and are heading transformative strategies into next year.
Listen as Auto Finance News Editor Amanda Harris, Senior Associate Editor Truth Headlam and Associate Editor Aidan Bush unpack the past week’s auto finance.
Subscribe to “The Roadmap Podcast” on iTunes or Spotify or download the episode.
This episode is sponsored by The Work Number by Equifax.
