TMX Finance

TMX Finance
Private/Employee Owned
Industry Title Lending
Founded June 2010 [1] Savannah, Georgia
Headquarters Savannah, Georgia, U.S.
Number of locations
 More than 1,200 Stores (October, 2013)
Area served
 Alabama, Arizona, California, Florida, Georgia, Illinois, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, Virginia[2]
Products Title Loan
Services Alternative Financial Services
Revenue Increase US$ 389.4 million (2010) [3]
Increase US$ 81.7 million (2010) [4]
Number of employees
 3300+ (January 2012)
Website http://www.titlemax.biz/careers/careers-home/

TMX Finance is the parent company to the brands TitleMax, TitleBucks, EquityAuto Loan, and InstaLoan. The Company holds more than 1,200 stores in thirteen states including Alabama, Arizona, California, Florida, Georgia, Illinois, Mississippi, Missouri, Nevada, New Mexico, South Carolina, Tennessee, Texas, and Virginia.[5] TMX Finance’s brands serve individuals who generally have limited access to consumer credit from banks, thrift institutions, credit card lenders and other traditional sources of consumer credit.[6] TMX Finance offers a title loan product which allows customers to meet their liquidity needs by borrowing against the value of their vehicles while retaining use of their vehicle during the term of the loan.[7]

Brands

TMX Finance is the parent company to TitleMax and changed its name from TitleMax Holdings, LLC, to TMX Finance LLC as of June 21, 2010.[8] TMX Finance oversees 728 stores and employs over 3,300 people nationwide. In almost 1,000 stores, the Company operates as TitleMax; in almost 200 stores, the Company uses a TitleBucks brand. TMX Finance also offers a second-lien automobile product in Georgia under the EquityAuto Loan brand, with operations conducted within 122 TitleMax stores and through 4 standalone stores.[9]

Family of brands under TMX Finance LLC

Industry overview

Customers use the services provided by the alternative financial services industry for a variety of reasons, including that they often: do not have access to traditional credit-based lenders like banks, thrift institutions and credit card companies; have a sudden and unexpected need for cash due to common financial challenges like medical emergencies, vehicle repairs, divorce, job changes or other unexpected expenses; are self-employed small business owners with an immediate need for short-term working capital; need a small amount of cash immediately and do not have time to wait for a traditional lender to approve a loan; and see such services as a sensible alternative to potentially higher costs and negative credit consequences of other alternatives, such as overdraft fees, bounced check fees or late fees.[10]

Acquisition & expansion

In mid-2011, TMX Finance “reopened its 13.25% secured notes due 2015 with an add-on of $60 million non-fungible bonds.”[11] During the second fiscal quarter ended June 30, 2011, TMX Finance opened or acquired 89 new stores. In Texas, 49 stores were opened, in addition, TitleMax entered Nevada, Arizona and Florida by acquiring 18 stores in Las Vegas, opening 6 stores in Tucson and opening 1 store in Pensacola.[12] In May 2011, TMX Finance, closed on an asset purchase agreement Cashback Title Loans, Inc., in which TMX Finance acquired all the title loans related to Cashback locations in Nevada.[13] In June 2011, TMX Finance acquired 14 Rainbow Title Loan Company locations – 6 of which were in Las Vegas, 4 in St. Louis, Missouri, and 4 in Kansas City, Missouri. TMX Finance acquired BudgetLine Cash Advance, LLC, and BudgetLine Cash of Missouri, LLC, in 2011. During the third fiscal quarter ended September 30, 2011, TMX Finance opened or acquired 36 new stores, which included 15 stores in Texas, 6 stores in Virginia, 4 stores in Arizona, and 2 stores in Georgia. There was a total of 8 stores acquired and opened in Missouri and 1 store in Nevada. For the third fiscal quarter of 2011, the Company had revenues of $133.7 million, an increase of $31.2 million from the same period of 2010, and a net income of $16.6 million.[14]

References

  1. ↑ TMX Finance LLC. Form 10-Q, Filed May 27, 2011, “Nature of Business”, p. 6.
  2. ↑ TMX Finance LLC. Form 10-Q, Filed September 30, 2011, “Notes to Consolidated Financial Statements (unaudited)”, p. 6.
  3. ↑ TMX Finance LLC. Amendement No. 2 to form S-4, Filed April 19, 2011, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, p. 29.
  4. ↑ TMX Finance LLC. Amendement No. 2 to form S-4, Filed April 19, 2011, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, p. 29.
  5. ↑ TMX Finance LLC. Form 10-Q, Filed September 30, 2011, “Notes to Consolidated Financial Statements (unaudited)”, p. 6.
  6. ↑ TMX Finance LLC. Amendment No.2 to Form S-4, Filed April 19, 2011, “Summary: The Company”, p. 1.
  7. ↑ TMX Finance LLC. Amendment No.2 to Form S-4, Filed April 19, 2011, “Summary: The Company”, p. 1.
  8. ↑ TMX Finance LLC. Form 10-Q, Filed May 27, 2011, “Nature of Business”, p. 6.
  9. ↑ TMX Finance LLC. Form 10-Q, Filed September 30, 2011, “Notes to Consolidated Financial Statements (unaudited)”, p. 6.
  10. ↑ TMX Finance LLC. Amendment No.2 to Form S-4, Filed April 19, 2011, “Industry Overview”, p. 40.
  11. ↑ Standard & Poor’s: Leveraged Commentary & Data. “TitleMax places 13.25% add-on bonds at 107 to yield 11%; terms”, “Standard & Poor’s,” July 19, 2011, accessed July 26, 2011.
  12. ↑ TMX Finance LLC. Form 8-K, Filed July, 19, 2011, “Recent Results”, p. 2.
  13. ↑ TMX Finance LLC. Form 10-Q, Filed May 27, 2011, “Notes to Consolidated Financial Statements (unaudited)”, p.20.
  14. ↑ TMX Finance LLC. Form 10-Q, Filed September 30, 2011, “Executive Summary”, p. 25.
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