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
Pennsylvania Dealership Under New Retailers
The sale of the Chrysler Dodge Jeep Ram store puts a family auto group on a leaner path as first-time dealers take the helm.
Read More →
Battery Storage Takes Priority Over EVs
U.S. automakers are prioritizing battery energy stationary storage over electric-vehicle production as the consumer demand for EVs lags the rest of the world.
Read More →
Auto Dealers Feel Better But Not Great
A second-quarter Cox Automotive poll of franchised retailers and independents found better views of the current market after a good spring but anticipation of third-quarter storminess.
Read More →
New-Vehicle Sales Picture Relative
A May forecast is complicated by last spring’s trade tariff effects on auto retail. Despite continued hard realities, many consumers took advantage of ways to bite the bullet.
Read More →
Auto Group Acquires Third Nissan Rooftop
Iowa-based Coleman Automotive Group recently acquired its seventh dealership, McGrath Nissan, which it renamed Nissan of Elgin.
Read More →
April Less Affordable
Based on prices, reduced incentives and slower household income growth, consumers found it more challenging to buy new last month, Cox Automotive reported.
Read More →
Building an Extraordinary F&I Agency
Work to determine your specialized talent, because that fact will determine everything about your agency’s future.
Read More →
Recipe for Compliance
The secret to both amazing barbecue and compliance is the same: understanding the basics and committing to a process.
Read More →
EVs Getting More Attractive
A growing percentage of U.S. consumers are open to switching and fewer are adverse to the idea, according to a recently completed survey. That’s despite the end of a tax break.
Read More →
EV Sales Drop in April Following Surge
North American electric-vehicle sales were down 28% year-over-year, a sharp contrast from global EV sales growth of 6%.
Read More →