J.D. Byrider, a used car and finance operation based in Carmel, Ind., that specializes in autos for credit-challenged customers, will open a Lexington car lot and service operation in January.
Lytle Batten, general manager for the Lexington franchise of Byrider, said the projected opening date is Jan. 22. The lot, on New Circle Road between Eastland Parkway and Industry Road, will have an inventory of about 40 vehicles.
Byrider differs from conventional buy-here, pay-here car lots: Its financing arm, CNAC, not only runs a customer's credit for the initial purchase but reports timely payments to each of the three major credit bureaus, Batten said.
The practice helps "to give people who may have had some credit issues in the past ... to get back out in the credit world, to start reestablishing auto credit," Batten said. "That's where we separate ourselves from the typical buy-here, pay-here."
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Byrider cars also come with a limited warranty of 36 months or 36,000 miles, whichever comes first, he said.
Byrider has 133 franchised and 30 company-owned dealerships in 33 states. Its website, JDbyrider.com, says the company invests on average more than $1,000 to recondition each of its used cars.
Founded in 1989 by the late auto dealer James F. DeVoe Sr., the company has sold more than 1 million cars. In 1979, DeVoe opened a used car and special finance department in his Chevrolet and Cadillac dealership in Marion, Ind., and he eventually taught auto credit seminars on how to operate a buy-here, pay-here dealership.
In Kentucky, J.D. Byrider has lots in Louisville, Owensboro, Henderson and Florence.
After the Lexington franchise opens, car lots are being considered for Frankfort and Richmond, Batten said.