AutoSource is the largest branded title vehicle retailer in the U.S.
May 2018 – Present
ONCAP acquired AutoSource Motors LLC ("AutoSource") in May 2018.
Based in Woods Cross, Utah, AutoSource is the largest branded title vehicle retailer in the U.S. AutoSource leverages a network of 450+ vehicle rebuilders to turn branded title vehicles into best-in-market inventory. Vehicles undergo a 151-point inspection, and are sold to consumers who save 15-35% on average compared to a comparable clean title vehicle.
ONCAP was attracted to AutoSource for several reasons, including its: (i) highly attractive unit economics on new sites; (ii) proprietary processes for mass-scale purchases and retailing of quality rebuilt vehicles; (iii) attractive free-cash-flow characteristics; (iv) market-leading position in a unique niche; and (v) recession-resistant characteristics relative to new car dealerships. ONCAP, in partnership with management, aims to create value by further penetrating existing markets, opening new markets with more stores, adding consumer financing providers, improving systems and training, and engaging value-added advisors.