Mullen Technologies Launches Mullen Funding Corporation For Captive Finance
BREA, California, January 7, 2020 - Mullen Technologies, Inc. (“Mullen” or the “Company”) is pleased to announce the formation of Mullen Funding Corporation to 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 1st Choice™ option for financing their new or pre-owned vehicle from Mullen Automotive. 1st Choice™ 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. “1st Choice™ is going to be the most competitive and natural choice for our customers looking to finance or lease one of our vehicles”, says Walter. “1st Choice™ 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 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. Regulatory approval is expected to happen in Q1 of 2020 with vehicle loan and lease activity to begin transacting soon after. Digital Retailing is projected to launch in Q2 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.
Legal Notice Regarding Forward-Looking Statements-Looking Statements:
This press release contains “forward-looking statements.” Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in future tense, often signify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance or results will be achieved. Forward-looking statements are based on information that the Company has when those statements are made or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise. set forth in this section.