These changes will increase the right vehicle yield, helping us to achieve a better balance of new and used inventory. This also allows us to get the right vehicles in the right place at the right time and at the right value. Third, we are actively strengthening our balance sheet. As previously discussed, we are in the process of raising $100 million in a fully backstop rights offering, $50 million of those proceeds will be used to pay down debt. The remaining funds will be utilized to accommodate the growth of our national brick-and-mortar platform. Regarding our real estate portfolio, during the quarter, we completed the sale leaseback of 8 of the 9 previously identified properties for an aggregate purchase price of just over $49 million.
We also expect to complete the sale leaseback of the remaining property in 2023. The net cash proceeds were remitted directly to Oaktree to pay down our term loan. Next, as we have previously disclosed, we are in the process of selling our finance company credit portfolio. We are betting the current options and our intent remains to finalize that sale in 2023. Fourth, I want to update you on the disciplined and strategic approach to acquisitions. We’ve identified certain accretive acquisition candidates that we can expect to close by the end of the first quarter 2024, we have additional targets in the pipeline for the remainder of ’24. We’ve proven that acquiring underperforming dealerships and optimizing our operations with the right processes, personnel and inventory management which have now perfected over a 30-plus years span will yield here results for the company and its shareholders.
This strategy has produced strong returns in the past, and we believe it is vital to the long-term success of the company. With that, I’ll turn the call over to Blake to walk through our third quarter 2023 financials and outlook in more detail.
Blake Lawson: Thank you, Mark, and good morning, everyone. As the team has detailed, we continue to execute on our strategy during the quarter and are pleased with the progress we have made despite having to make some tough decisions. We have put the company back on solid ground with a plan for growth and value creation for shareholders. Not to diminish the challenges that exist, which are real, heightened interest rates, non-current inventory, inflationary and economic pressures on our consumers and geopolitical unrest to name a few, while options to finance our discretionary products remain available and plentiful, rates are certainly higher, and we are seeing increased pressure on the lower credit consumers. Despite the challenges that exist, we have the utmost confidence that our team of dealership professionals will rise to the occasion, and we look forward with confidence to the future.
As you are all aware, we recently favorably amended our financing agreements with our primary lender at Oaktree. As part of these agreements, we have committed to pay down $120 million through the sale of non-core assets and an equity raise. Mark already gave you an update on our real estate sales resulting in the company remitting $47 million directly to Oaktree to reduce outstanding debt under the term loan. Additionally, we believe we will sell our finance portfolio before year-end 2023 and are confident we will be able to pay off an additional $15 million of Oaktree debt from the proceeds of this sale as well as eliminate the finance company’s line of credit that supported this loan portfolio, further reducing costs, simplifying our company and reducing debt.
I want to provide an update on the $100 million fully backstop rights offering that we announced on our Q2 earnings call in August. As Mark stated, we plan to use $50 million of the proceeds to further reduce debt and the remainder to be allocated to highly accretive acquisitions. We believe the size of the capital raise in the format are well suited to achieve these two goals. The Board of Directors has fixed the close of business on November 13 as the record date. Under the terms of the rights offering, the company expects to distribute non-transferable subscription rights to each holder of its Class A and B common stock as of the record date. The subscription period for the rights offering is expected to commence on or about November 13, and terminate approximately 16 calendar days thereafter.
