Newport Beach-based United PanAm Financial Corp. said it’s getting out of the investment game.
The subprime auto lender said it has sold all of its investments and plans to focus solely on its profitable auto lending unit.
United PanAm didn’t say if any employees would be affected by the move.
“Capital released from this operation will be used for general corporate purposes,” the company said in a release.
United PanAm posted a 26% jump in net income to $6.4 million in the fourth quarter, versus a year earlier. Interest income on its loans rose 33% to $42.9 million.
The company operates 110 lending offices in 31 states. It plans to open 24 this year.
The company has a market value of about $515 million.
