Finance company Money3 announced yesterday that it has sold its small amount credit contract business and will concentrate on automotive lending.It also announced that it has acquired a specialist New Zealand auto finance business, Go Car Finance.The sale of the SACC business, through a management buyout, was for around A$46 million, including an upfront payment of $35 million and the balance six months after the completion of the transaction.The management team buying the SACC business is led by Money3's founder Rob Bryant.Money3 will pay NZ$16 million for Go Car Finance - NZ$14 million in cash and NZ$2 million in Money3 shares. The current management team will stay with the business for three years.The acquisition will add NZ$50 million to Money3's auto loan book.Money3 chief executive Scott Baldwin said in a statement that the company would be in a strong capital position after the completion of the two transactions, with more than A$100 million available for growth.Money3 estimates that it finances 3 per cent of the used car market annually. It says many buyers are either not serviced or are excluded by traditional lenders, giving it room to grow.Baldwin said that without the SACC business, "the regulatory regime under which we operate is clear".Money3 released its half-year financial report yesterday, which included a 9.3 per cent increase in revenue and a 13.3 per cent increase in net profit to A$17.5 million.The gross loan book grew 14.3 per cent to $351 million.The bad debt expense rose from $8 million in the half year ended December 2017 to $9.8 million in the latest half. The company said bad debts were in the target range of 5 to 6 per cent of gross loan receivables.The branch and online divisions, which constitute the SACC business, had loan receivables of $47.9 million and pre-tax profit of $8.5 million.The broker division has loan receivables of $258.1 million, up from $212 million in the previous corresponding period, and pre-tax profit of $24.9 million.