Triad Financial Sells 53% Stake to N.Y. Firm

Triad Financial Corp., a privately owned regional auto finance company, said that publicly traded ContiFinancial Corp. has acquired a 53.5% stake and intends to ultimately acquire all of Triad’s stock.

Terms of the cash transaction were not disclosed.

ContiFinancial is a New York-based consumer and commercial finance company. Triad, based in Huntington Beach, was founded in 1988 and specializes in providing consumer finance packages for auto dealers. The company, which has 105 employees, operates in 15 states, competing with commercial banks, credit unions and other lenders that finance consumer auto purchases.