J. D. Byrider
J.D. Byrider is a Carmel, IN-based used car dealership franchise founded by James F. DeVoe Sr. in 1989.
J.D. Byrider advertises itself as a place where a person can purchase a car if they have bad credit, no credit or poor credit, and to help improve his or her credit score. The company sells used cars at higher than average interest rates to those who do not qualify for financing at a traditional dealership.
In May 2011, J.D. Byrider announced its acquisition by Altamont Capital Partners, a private equity firm based near San Francisco. The acquisition injected the capital needed for J.D. Byrider’s continued growth. [1]
Altamont Capital Partners Acquisition
During the second quarter of 2011, J.D. Byrider, formerly a family owned and operated business, was acquired for an undisclosed amount by Altamont Capital Partners, based near San Francisco, CA. In less than two years, total J.D. Byrider locations have grown by 33. And, company owned and operated stores by 10.[2]
Government action
- In 2004, Kentucky Attorney General Greg Stumbo filed suit against a J. D. Byrider franchise located in Louisville, Kentucky, Indiana, and subsequently their corporate franchisor, J.D. Byrider Systems LLC of Carmel, Indiana. The lawsuit included numerous Kentucky CPA violations. A settlement to the lawsuit was reached in February 2005. The J.D. Byrider franchisee was required to pay nearly $3.7 million in restitution to resolve approximately 7,350 complaints. The litigation did not force the franchisee to close their doors, still operating under another name to that date. However, J. D. Byrider promptly revoked all franchising rights and disassociated with the dealer immediately.[3]
- In 2005, the Ohio Attorney General Jim Petro settled a lawsuit against J.D. Byrider stemming from customer complaints. As part of this settlement, J.D. Byrider agreed to make more than 20 remedial changes to its business practices in order to operate within compliance of Ohio laws.[4][5] Also, as a part of J.D. Byrider's cooperation with the Ohio Attorney General's Office, J. D. Byrider worked to resolve all outstanding complaints in addition to any further complaints the Attorney General's office could receive. J.D. Byrider was assessed a fine for their violations, and also covered all costs for the Ohio Attorney General's Office to pursue their case.[6]
Notes
- ↑ Acquired by Altamont Capital Partners
- ↑ http://www.themiddlemarket.com/news/altamont-jd-byrider-acquire-new-fund-219191-1.html
- ↑ http://migration.kentucky.gov/Newsroom/aag/byriderrefundpayments.htm
- ↑ Columbus Dispatch story
- ↑ Ohio BBB Report
- ↑ http://www.allamericanpatriots.com/2006022__ohio_attorney_general_jim_petro_resolves_more_300_consumer_complaints_settlement_jd_byrider