The father or mother enterprise of Naugatuck-centered Ion Financial institution is acquiring an independently owned and operated finance company specializing in vehicle lending.

Officers with Ion Economic declared Wednesday the corporation has entered into an arrangement with Cheshire-primarily based BCI Economical. Phrases of the offer, which is predicted to close later on this calendar year, weren’t announced.

David Rotatori, president and chief government officer of Ion Financial institution, stated Thursday that the mutual economical establishment previously has a company partnership with BCI.

“We have purchased loans from them ahead of,” Rotatori said of BCI. “We’ve only completed a handful of our very own each calendar year.”

1 of the troubles in developing an vehicle financial loan business enterprise, he explained “is you require to do truthful sum of volume and have associations with sellers.”

“They (BCI) have interactions with dealers previously,” Rotatori mentioned.

BCI has been in business enterprise considering that 1998, mentioned Timothy Rourke, the company’s president and chief executive officer.

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