Drive Servicing, a sub-prime auto finance company headquartered in Dallas, has moved 140 employees into a 26,000-square foot office in Cypress. The firm formerly occupied 9,000 square feet, and the new office will allow for a planned expansion to 280 employees in the next few years.
Drive is a branch of Dallas-based Drive Financial Services. The company was formed in August when FirstCity Financial Corp. divested its auto finance business, selling 49% of the company to IFA, a subsidiary of the Bank of Scotland, and 20% to Drive’s management. FirstCity retained 31% of the company. FirstCity acquires and resolves distressed loans and other assets at discount rates. Tom Brower is the chief executive of Drive and is an executive within FirstCity’s operations.
