Mercedes-Benz Financial Joins Group 1’s Credit Facility
HOUSTON — Group 1 Automotive Inc., a Fortune 500 automotive retailer, announced today that Mercedes-Benz Financial has signed on as a partner to its existing $1.35 billion revolving credit facility that expires in March 2012. Mercedes-Benz Financial replaces BNP Paribas in the syndicated facility.
Including Mercedes-Benz Financial, the lenders in the syndicated facility now consist of four captive finance companies — Toyota Motor Credit Corporation, BMW Financial Services NA LLC and Nissan Motor Acceptance Corporation — and 16 commercial banks. The commercial banks are JPMorgan Chase Bank N.A.; Bank of America N.A.; Comerica Bank; Key Bank; Sovereign Bank; U.S. Bank N.A.; Wells Fargo Bank, National Association; Barclays Bank PLC; Citizens Bank New Hampshire; Deutsche Bank AG, New York Branch; Fifth Third Bank; PNC Bank N.A.; SunTrust Bank; World Omni Financial Corp.; Amarillo National Bank and Bank of Oklahoma N.A.
"We are delighted with Mercedes-Benz Financial's decision to join our floorplan and acquisition facility," said John C. Rickel, Group 1's senior vice president and chief financial officer. "The addition of a partner of this caliber is a plus for our credit syndicate and further expands our strategically important financial partnerships. We look forward to working with Mercedes-Benz Financial and our other financial partners going forward."
More Industry
Selling to Grow
The question of whether you should sell your agency and if so, when, is up to you. But it’s a question worth asking to ensure you keep the business on the right path for yourself, employees and clients.
Read More →
Auto Group Acquires Top-Performing Rooftop
Car Pros sold its Kia Huntington Beach location to Sutherlin Automotive Group, marking the buyer’s third location in Southern California.
Read More →
China as Pacesetter
Automotive leaders huddled on where North America stands in the global picture and how it can strengthen its position against the Asian juggernaut’s surging industry.
Read More →
BMW Concept Car Makes Fuel to Burn
The prototype developed in concert with a South Carolina university engineering team generates more solar energy than it uses in a typical daily commute.
Read More →
South Carolina Auto Group Downsizes
Florida-based group Holler-Classic has acquired four rooftops, its first in South Carolina, from Dick Smith Automotive Group.
Read More →
July Was Hot for Auto Borrowers
Credit proved readily available for many, but most loans left buyers in negative territory, Cox Automotive said.
Read More →
Structure Leads to Optimized Auto Listings
As the average car-buying journey has shifted to a blend of digital and retail, a dealership’s vehicle listings must be optimized to answer shoppers’ questions clearly and accurately.
Read More →
Consumers Mixed on Economy, Finances
A July survey shows spotty sentiment of current and future conditions, in addition to demographic differences as overall opinion of present circumstances kept sliding.
Read More →
EVs Closing the European Gap
Electrified powertrains led June new-vehicle sales in Europe, reaching 26% of the market.
Read More →
Early Intervention Saves Retention
Sales and service departments have the highest annual dealership turnover rates, according to a new industry report, costing money and time that could be better spent elsewhere.
Read More →