Salt Lake-based Prestige Financial Services Inc. recently completed its third term securitization transaction, issuing about $111.2 million in bonds backed by $128.5 million in subprime automotive receivables.

Underwritten by Banc One Capital Markets of Chicago and insured by Financial Security Assurance Corporation of New York, the bonds were purchased by qualified institutional buyers in a private offering.

"With this securitization, we'll continue to grow the company's revenues and profits, leveraging our excellent collections processes and dealership relations," said Robert Avery, Prestige chief operating officer, in a prepared statement. "As volumes increase, we plan to securitize at least once a year."

Prestige, an affiliate of the Larry H. Miller Companies, provides consumer financing solutions for more than 130 automobile dealerships in the western United States.