Mullen Technologies Launches Mullen Funding Corporation For Captive Finance
BREA, Calif. (Jun. 12th 2020) – Mullen Technologies is continuing with the formation of Mullen Funding Corporation which will provide direct auto financing and lease options for Mullen Automotive (OEM) and Mullen Auto Sales (Pre-Owned).
“I’ve always envisioned having our own captive finance company to provide consumers with an in-house option for vehicle loans and financing,” says David Michery, CEO and Chairman of Mullen Technologies. “We will be able to provide our customers with a 1stChoice™ option for financing their new or pre-owned vehicle from Mullen Automotive. 1stChoice™ is our consumer brand and one we are confident will be the best choice for our customers and their vehicle financing.”
Walter Simmons, Vice President for Mullen Funding Corp, is solely focused on establishing and growing this venture. “1stChoice™ is going to be the most competitive and natural choice for our customers looking to finance or lease one of our vehicles”, says Walter. “1stChoice™ will also power our Digital Retailing Experience for our online shoppers. Customers will be able to purchase a vehicle straight from our website, choosing their financing, extended warranty and insurance options along the way. “
Mullen Funding Corporation is a separate business that operates outside of Mullen Technologies and its other subsidiaries and is governed by both federal and California financial laws. Due to delays caused by Covid-19, regulatory approval is currently expected to happen in Q3 of 2020, with vehicle loan and lease activity to begin transacting soon after. Digital Retailing is now projected to launch in Q4 of 2020 and will be available on a state-by-state basis, where online vehicle transactions are approved by state and local government.
About Mullen Technologies:
Based in Southern California, Mullen Technologies is a licensed electric vehicle manufacturer. Mullen Technologies owns a number of synergistic businesses including: Mullen Auto Sales, a fast-growing series of pre-owned auto dealerships through California, CarHub, a new and unique digital platform that leverages AI to offer an interactive solution for buying, selling and owning a car and Mullen Finance Corp., a captive finance arm for consumer vehicle leases and loans. In addition, Mullen is currently working independently and with several OEM partners to provide exciting electric vehicles that will fit perfectly into the American consumer’s life.
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