Ezcorp, Inc. (NASDAQ:EZPW) has recently acquired 40 pawn stores across 13 states in Mexico. The acquisition includes traditional pawn stores as well as auto pawn transactions, some of which are in stand-alone auto pawn stores. This move increases Ezcorp's total number of pawn stores to 1,332, with 787 of them located in Latin America and 602 in Mexico.
According to Lachie Given, the Chief Executive Officer, this acquisition aligns with the company's strategic objective of geographic expansion and brings diversification to their pawn portfolio with the addition of auto pawn services. Given also highlighted the strong financial performance and robust growth potential of the Mexican market, making it an attractive region for the company.
This expansion into auto pawn is particularly significant as it enables higher dollar auto loan transactions and engages a new customer base. The move signifies Ezcorp's commitment to catering to the short-term cash needs of consumers who are both cash and credit constrained, while focusing on delivering an industry-leading customer experience.
As a result of this acquisition, Ezcorp's presence in Mexico has significantly increased, solidifying its position as a leading provider of pawn transactions in both the United States and Latin America. Following these announcements, the company's shares moved 0.26%, and are now trading at a price of $13.335. If you want to know more, read the company's complete 8-K report here.
