Carfinco Appoints Vice Presidents

TSX: CFN

EDMONTON, March 20, 2013 /CNW/ - Carfinco Financial Group Inc. ("Carfinco" or the "Company") announces that Ms. Jacqueline Anderson has been appointed Vice President, Account Acquisition, Ms. Tricia Frost has been appointed Vice President, Account Management and that Mr. Galen Gower has been appointed Vice President, Business Development. These positions are held in Carfinco Inc., a wholly owned subsidiary of Carfinco Financial Group Inc., and the appointments will be effective April 1, 2013.  Mr. Rick Hewson will resign as Senior Vice President, Operations when the new positions are assumed. Mr. Hewson managed operations in both account acquisitions and business development and he will remain actively involved during the transition process.

Ms. Anderson and Ms. Frost have both been employed at Carfinco for 13 years and have served as Co-Vice President's, Account Management for the past 5 years, during which responsibilities have been shared. Mr. Galen Gower has been employed at Carfinco as Regional Manager, Atlantic Canada for the past 7 years and will be relocating to the Edmonton head office to take on the new role. Prior to that, Mr. Gower gained experience in the consumer finance and automotive dealer industries.

Troy Graf, Chief Operating Officer commented, "Both Jackie and Tricia have been instrumental in the development and growth of Carfinco over the years and we look forward to seeing them excel with their new responsibilities.  Galen will bring a strong skill set to his role, coupled with a broad knowledge of the automotive industry."

Tracy Graf, Chief Executive Officer commented, "On behalf of the Board, I wish to express our deepest gratitude to Rick for his dedication over the years. Rick is a founder of Carfinco and has used his passion and knowledge over the past 16 years to assist in building the company's foundations. He will be leaving the company after helping to achieve record loan originations in 2012 and to accumulate a finance receivable portfolio of over $200 million."

About Carfinco Financial Group Inc.

Carfinco focuses on providing consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources.  A network of select independent and franchise dealerships offer Carfinco's payment plan to their customers who must, along with the vehicle, meet Carfinco's underwriting guidelines. The shares of the company trade on The Toronto Stock Exchange under the symbol "CFN".

Caution Regarding Forward-Looking Statements - This news release contains certain forward-looking statements, including statements regarding the business and anticipated financial performance of the company.  These statements are subject to a number of risks and uncertainties.  Actual results may differ materially from results contemplated by the forward-looking statements.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements.

SOURCE: Carfinco Financial Group Inc.

Mr. Tracy A. Graf 
CEO & Director of Carfinco Financial Group Inc. 
Telephone: [phone] 
Facsimile: 1-888-486-7456 
E-mail: [email protected] 
Web site: www.carfinco.com

The Howard Group Inc.
Jeff Walker
Investor Relations
Telephone: [phone]
E-mail: [email protected]
Web site:  www.howardgroupinc.com