New public auto-loan firm in works: White River to buy failed Union Acceptance
A new public company is rising from the ashes of Union Acceptance Corp., the failed east-side car-financing company, and is preparing to raise $35 million through a stock offering. White River Capital Inc., which will operate from UAC’s former headquarters on North Shadeland Avenue, has agreed to buy out UAC’s shareholders for $3.1 million in stock and to buy Virginiabased auto lender Coastal Credit LLC for $50 million in cash. “It’s a tough industry, a hypercompetitive industry,” White River President…