Arra Finance to Acquire Crescent Bank’s Auto Financing Division
Slice of Finance Team
06/16/2025
Key highlights
- Arra to acquire Crescent Bank’s auto financing division, expanding its subprime auto finance platform.
- $815M auto loan portfolio to be serviced by Arra post-closing.
- Rapid scale-up of tech, analytics, and origination capacity through acquisition.
- 180 new Crescent employees to join Arra, growing team sixfold.
- Backed by Obra Capital, Arra targets leading position in subprime auto finance.
Notable Quotes
“ With today’s announcement, we have rapidly advanced Arra’s growth trajectory, substantially improving our ability to be the premier financing partner for franchise and select independent dealers. ”
Kenn Wardle, Chief Executive Officer at Arra Finance
“ Partnering with Arra and Obra has ensured the talent, momentum and reputation Crescent has garnered over the years will continue to support the auto industry, as Crescent Bank shifts its focus to our core retail banking business. ”
Gary Solomon Sr., Chairman at Crescent Bank
“ With the capital structure and flexibility provided by Obra’s insurance company balance sheets, Arra has taken decisive and aggressive steps to meet the needs of dealers across the country and become a leading player in the subprime space. ”
Blair Wallace, President and CEO at Obra Capital
Why This Matters
The acquisition of Crescent Bank’s auto financing division by Arra Finance marks a pivotal moment in the U.S. subprime auto finance market. By integrating Crescent’s seasoned team, technology stack, and $815 million loan portfolio, Arra is poised to accelerate its market presence and significantly enhance its capacity to serve franchise and independent dealers nationwide. The move also allows Crescent Bank to sharpen its focus on core retail banking and online deposit growth. With financial support from Obra Capital, Arra’s aggressive scaling signals broader trends of consolidation, technology investment, and competitive positioning in the evolving auto finance landscape.
