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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): June 9, 1997
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NATIONAL AUTO FINANCE COMPANY, INC.
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(Exact Name of Registrant as Specified in its Charter)
DELAWARE
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(State or Other Jurisdiction of Incorporation)
0-22067 65-0688619
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(Commission File Number) (I.R.S. Employer Indentification No.)
621 N.W. 53RD STREET, SUITE 200
BOCA RATON, FLORIDA 33487
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(Address of Principal Executive Offices) (Zip Code)
(561) 997-2747
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(Registrant's Telephone Number, Including Area Code)
NOT APPLICABLE
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
Filed herewith and incorporated herein by reference are three Press
Releases issued by National Auto Finance Company, Inc. (the "Company").
The first Press Release, dated June 9, 1997, states that Morgan M.
(Mac) Schuessler has been named a member of the Company's board of directors.
The second Press Release, dated June 16, 1997, announces the selection
of Jacksonville, Florida as the site for the Company's loan servicing divisional
headquarters.
Finally, the third Press Release, dated June 24, 1997, states that (a)
Keith B. Stein and Peter Offermann were re-elected to the Company's board of
directors at the Company's first Annual Meeting since becoming a public company,
(b) the Company announced at the Annual Meeting that it had accepted the
resignation of Edgar Otto as a member of the Company's board of directors for
reasons involving his personal time commitments to other business ventures and
(c) Stephen Gurba was unanimously appointed to the Company's board of directors
to fill the vacancy left by Mr. Otto's resignation.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(a) Financial Statements of Business Acquired:
Not applicable.
(b) Pro Forma Financial Information:
Not applicable.
(c) Exhibits:
99.1 Press Release, dated June 9, 1997;
99.2 Press Release, dated June 16, 1997; and
99.3 Press Release, dated June 24, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereto duly authorized.
Date: June 24, 1997
NATIONAL AUTO FINANCE COMPANY, INC.
By: /s/ Joel B. Ronkin
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Name: Joel B. Ronkin
Title: Vice President, Secretary and
General Counsel
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NATIONAL AUTO FINANCE COMPANY, INC.
FORM 8-K
CURRENT REPORT
Exhibit Index
Exhibit No. Description
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99.1 Press Release, dated June 9, 1997
99.2 Press Release, dated June 16, 1997
99.3 Press Release, dated June 24, 1997
EXHIBIT 99.1
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[Communications Group Logo]
FOR IMMEDIATE RELEASE
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June 9, 1997
Contact: Larry Getlen
Communications Group
561-392-2300
MORGAN M. (MAC) SCHUESSLER NAMED TO BOARD OF DIRECTORS
AT NATIONAL AUTO FINANCE COMPANY, INC.
BOCA RATON, Fla. -- Morgan M. (Mac) Schuessler has been named a member
of the board of directors for National Auto Finance Company, Inc. (NAFI).
Schuessler, a resident of West Point, Georgia, is a financial executive
with a long and distinguished career with major U.S. companies. As executive
vice president - finance and chief financial officer of WestPoint Stevens,
Schuessler was instrumental in engineering the company's financial turnaround.
Over his 30+ years of corporate service he has also worked at Gable Industries,
Arvida Corporation, Coronet Industries, Dixie Yarns, and DeSoto Falls, Inc.,
where he served as president and CEO.
Schuessler was chosen for the board because of his innate understanding
of finance, according to Gary Shapiro, chairman of the board and chief executive
officer for NAFI. "Mac has an extraordinarily sharp mind for complex financial
issues," said Shapiro. "He immediately focused in on the trickiest issues
concerning our financing after one brief look at our financial statements. Mac
will prove to be a valuable addition to our team."
Schuessler is a graduate of the Georgia Institute of Technology, and
also holds a Masters degree from Harvard Business School.
NAFI is a specialized consumer finance company engaged in the purchase,
securitization and servicing of car loans originated by dealers for non-prime
consumers. The company markets its products and services to dealers through the
efforts of its direct sales force and through strategic referral and marketing
alliances with financial and other institutions that have established
relationships with dealers.
National Auto Finance Company, Inc. is headquartered at 621 N.W. 53
Street, Suite 200, Boca Raton, FL 33487. For further information, please contact
Roy E. Tipton, president, at 800- 999-7535 or Keith Stein, vice chairman at
800-533-8573.
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EXHIBIT 99.2
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[National Auto Finance Company, Inc. Logo]
Contact: Keith B. Stein
Vice Chairman
(800) 533-8573
NATIONAL AUTO FINANCE COMPANY, INC.
SELECTS JACKSONVILLE AS SITE FOR
LOAN SERVICING DIVISIONAL HEADQUARTERS
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COMPANY TO INVEST $4.4 MILLION INTO LOCAL ECONOMY OVER NEXT FIVE YEARS
BOCA RATON, Fla. (June 16, 1997) - National Auto Finance Company, Inc.
(Nasdaq/NM:NAFI), a leader in the field of non-prime auto financing, today
announced that it has selected Jacksonville, Florida, as the site for its loan
servicing divisional headquarters. This facility will house the Company's new
in-house customer service, collections and operational accounting activities,
many of which were previously outsourced.
The Company was granted certain incentives, which will be paid out over a
five-year period, under Florida's Qualified Target Industry (QTI) Job Tax Refund
Program. NAFI will employ a staff of 65 in this division by September, and
anticipates a total of 85 to 90 employees this year, with up to 350 employees in
this division by the year 2002. The Company will invest approximately $4.4
million in capital in this division over the next five years, exclusive of
general operating expenses. NAFI has leased 37,000 square feet of facility space
in Jacksonville, which was selected for a variety of reasons including a
workforce accustomed to flex-time schedules, economical labor costs, strong
cooperation from the city and minimal weather interference.
"With a number of call centers in Jacksonville, the work force understands
unique call center needs such as flexible scheduling," said William G. Magro,
president of the Loan Servicing Division for NAFI. "There is a significant
military presence in the city, which will provide us with highly trained
personnel and a large spousal population from which to draw."
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NAFI Selects Jacksonville for Loan Servicing Headquarters
Page 2
June 16, 1997
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Also paramount in NAFI's decision was the cooperation of the city of
Jacksonville's Economic Development Staff and the Jacksonville Chamber of
Commerce. "The Chamber and the city's Economic Development Office were essential
in guiding us through the eight-month application and review process," said
Magro. "The QTI process is a complex one. The Chamber ensured that we had the
complete data we needed to make an informed decision, and its enthusiastic
support of our project secured, in our minds, the choice of Jacksonville as the
best location."
Leerie Jenkins, chairman of the Chamber's Economic Development Department,
stated that NAFI's contributions to the local economy will be substantial. "If
you look at what NAFI is bringing here, it's a complete package," said Jenkins.
"They are credit rehabilitators, which is inherently good for the local economy.
They will put over $4 million into the economy with above-average wages, and
provide the type of jobs that are perfect for large segments of our work force
used to call center employment. NAFI is a welcomed addition to Jacksonville's
economic landscape."
National Auto Finance is a specialized consumer finance company engaged in
the purchase, securitization and servicing of car loans originated by automobile
dealers for non-prime consumers. The Company markets its products and services
to dealers through the efforts of its direct sales force and through strategic
referral and marketing alliances with financial and other institutions that have
established relationships with dealers.
For further information, please contact Bill Magro, president of the Loan
Servicing Division at NAFI (800) 999-7535.
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EXHIBIT 99.3
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[National Auto Finance Company, Inc. Logo]
Contact: Keith B. Stein
Vice Chairman
(800) 533-8573
NATIONAL AUTO FINANCE COMPANY, INC.
HOLDS FIRST ANNUAL MEETING
RE-ELECTS TWO DIRECTORS AND FILLS VACANCY FROM RESIGNATION OF THIRD
BOCA RATON, Fla. (June 24, 1997) - At its first Annual Meeting since becoming a
public company, stockholders of National Auto Finance Company, Inc.
(Nasdaq/NM:NAFI) re-elected Keith B. Stein and Peter Offermann to its Board of
Directors. Mr. Stein is vice chairman and treasurer of the Company and a
managing director of National Financial Companies LLC, an affiliate of the
Company. Mr. Offermann is the executive vice president and chief financial
officer of TLC Beatrice International Holdings, Inc.
The Company also announced at the meeting that it had accepted the
resignation of Edgar Otto as director, for reasons involving his personal time
commitments to other business ventures. At its meeting following the Annual
Meeting of Stockholders, the Board of Directors unanimously appointed Stephen
Gurba to fill the vacancy left by Mr. Otto's resignation. Mr. Gurba is chairman
and chief executive officer of Bulova Technologies LLC, a manufacturer and
assembler of electro-mechanical devices for the military and semiconductor
industries. He also is a managing director of National Financial Companies LLC,
was involved in the founding of National Auto Finance Company, and has a
substantial indirect equity interest in the Company. "Mr. Gurba is a very
successful corporate CEO with great insight and managerial expertise," said Gary
Shapiro, chairman of the Company. "He will be a tremendous addition to the
Board."
National Auto Finance is a specialized consumer finance company engaged in
the purchase, securitization and servicing of car loans originated by automobile
dealers for non-prime consumers. The Company markets its products and services
to dealers through the efforts of its direct sales force and through strategic
referral and marketing alliances with financial and other institutions that have
established relationships with dealers.
For further information, please contact Roy Tipton, president, at (800)
999-7535.
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