Sonoran Financial Services
Mesa, AZ 85202, US
With a 7-year foothold in auto title lending, Arizona state vehicle title and registration services, vehicle insurance and pre-owned vehicle financing, Sonoran Financial Services, LLC is poised for success in the flourishing pre-owned vehicle market (www.sonoranopportunity.com). Expansion into direct vehicle sales & financing will dramatically compliment the company’s vehicle financial services and grow its existing customer base in the greater Phoenix valley.
Auto title loan facilities offer their customers the ability to meet their short-term financial needs by borrowing funds using their vehicle as collateral. “Title Loan” contracts are generally one to two months in duration but are typically renewed by the borrower several times. Per industry standards, these loans are secured by vehicle titles at an amount approximating 50% of the wholesale value of the vehicle. Generally, these loans carry monthly interest rates between 5% – 15% and require the customer to make monthly or bi-weekly payments. For most of these customers, this type of financing is the only option available to them.
In 2008 the company applied for and was selected as a satellite office for the Arizona Department of Transportation (ADOT) Motor Vehicle Division. As an authorized third party, Sonoran acts as an agent for the ADOT, allowing customers to license and register their vehicles at a convenient neighborhood location.
Sonoran also provides customers the ability to finance vehicles through its dealer finance program that has been set up with selected dealers. The company fully intends to expand this dealer network with the newly available funding.
Additionally, the company plans to establish a pre-owned vehicle lot that will be supported by a robust Internet sales platform. Profits from direct vehicle sales and a revenue stream from the interest in providing financing on these sales will provide funds to add to its existing title loan and dealer financing programs.
Products / Services
Auto Title Loans
Auto title loans meet the customers short-term financial needs. Generally, these loans are of a one to two month duration but are typically renewed by the borrower several times.
Vehicle License and Registration
Convenient service for customers to license and register their vehicle at a neighborhood facility, without having to wait in long lines. The Company charges a convenience fee for this service and is generating in excess of $300,000 per year in revenue. This also provides the Company with the ability to notate vehicle titles quickly in order to secure the Company’s interest in the collateral for title loans.
Sonoran Financial Services, LLC offers highly competitve auto insurance rates from a variety of insurance carriers.
Pre-Owned Vehicle Sales and Financing
Sonoran Financial Services, LLC offers a wide range of financing options through its pre-owned dealer network. The company will also soon offer vehicles at their company-owned lot and will provide a virtual online buying experience through a web-based storefront. Most of these customers will need financial assistance when buying a vehicle. Sonoran offers the ability to structure payment terms to meet their needs. They know their customers and the type of financial arrangements they require.
Managing/Manager Executive Officer
Vincent J. (Jim) Morrissey – Managing Member
Jim has been the Managing Member of Sonoran Financial Services, LLC since the company’s inception in 2007. From 1976 to 2006, Jim was co-owner of Rigel Corporation, a multi-concept restaurant company. Rigel Corporation was founded in Omaha, Nebraska originally as a Godfather’s Pizza franchisee and developed this concept to 70 units located in seven states. Rigel also was awarded franchise rights to KFC, Krispy Kreme, Bruegger’s Bagel and Julio’s Restaurants. At its peak, Rigel owned 101 restaurants, generating $75 million in annual sales and employing over 2,500 employees. In early 2000, Jim and his partner began divestiture of their Godfather’s Pizza and KFC restaurants to focus on the development of their Krispy Kreme territory rights in the Southwest. Rigel relocated its corporate offices to the Phoenix area and continued the development of Krispy Kreme in Arizona, New Mexico and Texas. They owned and operated eighteen Krispy Kremes until 2006.
Consulting Financial Officer
Pat Kelley- Member, CFO, Consultant
Pat has more than 30 years experience in accounting and finance. He joined Brixco, Inc. in October 2013 as its Chief Financial Officer and as an adviser to the Board of Directors. He also has extensive experience as an owner/operator/partner in various restaurant ventures in Nebraska, Arizona, Wisconsin and Georgia. Pat spent much of his career as the Chief Financial Officer of Rigel Corporation. His direct responsibilities included all financial and administrative functions: accounting/finance, banking, legal relations, acquisitions and divestitures, payroll/benefits, cash management, budgeting and lease negotiations. In his role as Chief Financial Officer, Pat reported directly to ownership and managed 15 employees, including the Corporate Controller. Prior to joining Rigel Corporation, he worked for Deloitte Haskins & Sells, an international accounting firm. Pat is a graduate of the University of Nebraska and holds a Bachelor of Science in Accounting.
F. Kent Averill- Manager Car Sales
Since 2009 Kent has been certified in the new and pre-owned vehicle sales industry with Toyota, Lexus and Nissan dealerships in the greater Phoenix area. He works directly with customers presenting, negotiating and finalizing the purchase of new and pre-owned vehicles. Kent has vast experience in the buying of pre-owned vehicles through the wholesale market and knows how and where to buy vehicles at a great price for a quick and profitable turnaround. He has been a Certified National Recruiter and Trainer for Automax and has worked with owners and general managers across the country. Prior to his auto industry experience, he was a partner in NatuRx, LLC, an international wholesale/retail business of natural dietary supplements and specialized medical equipment. Kent is a graduate of the Rochester Institute of Technology, specializing in Communication Design. He also served and was honorably discharged from the United States Air Force.