MENU
SEARCH
CHARLOTTE, N.C. — Sonic Automotive Inc. has entered into new syndicated credit facilities with various financial institutions that mature in August 2012.
In addition, Sonic has entered into new floorplan arrangements with several manufacturer-affiliated finance companies for floorplan financing of both new and used vehicles. These new lending arrangements replace Sonic's existing syndicated credit facility, which was scheduled to mature in February 2010.
Under the terms of the new syndicated credit facilities, up to $321 million of the syndicated credit facility is available for new-vehicle inventory floorplan financing, up to $50 million is available for used-vehicle inventory floorplan financing and up to $150 million is available for working capital and general corporate purposes.
The syndication was arranged through Banc of America Securities LLC. Lenders in the new syndicated credit facilities include three manufacturer-affiliated finance companies – DCFS USA LLC, BMW Financial Services NA LLC and Toyota Motor Credit Corporation – and five commercial banks and other lending institutions. These lenders are Bank of America N.A., JP Morgan Chase Bank, Wachovia Bank National Association (with Wells Fargo Bank National Association, as an LC issuer), Comerica Bank and World Omni Financial Corp.
Sonic has also entered into separate credit arrangements for floorplan financing with each of BMW Financial Services NA LLC, DCFS USA LLC, Ford Motor Credit Company, General Motors Acceptance Corporation, Toyota Motor Credit Corporation and World Omni Financial Corp. These separate floorplan facilities provide financing for both new- and used-vehicle inventory at dealerships associated with the respective manufacturer affiliates of these captive finance companies.
Dealers should aim to build a positive work environment, helping employees execute an efficient experience, from their online research to the final delivery of the vehicle.
Read More →
A cloudy April forecast was expected due to last April’s sales surge in anticipation of U.S. trade tariff-inflated prices. Meanwhile, automakers pumped up incentives to address today’s consumer wallet woes.
Read More →
A recent price spike due to several larger market forces, though it hasn’t dulled demand, is pushing more consumers to efficient models to squeeze in buys.
Read More →
A group out West picked up the major D.C.-area collection, putting it in the upper tiers of private automotive groups in the U.S.
Read More →
Lenders loosened access for subprime borrowers, and consumers with negative equity reached a record high, Cox Automotive reported.
Read More →
U.S. consumer interest in electric vehicles lags behind other countries despite the rising gas prices caused by the ongoing war in the Middle East.
Read More →
Research reveals the brands and models most likely to have higher recall rates over their lifetimes. While some brands rank high, addressing safety issues can be a selling point.
Read More →
Cox Automotive data shows Americans doubled down on big-is-better despite price increases. Slightly higher incentives helped fuel the demand.
Read More →
Cox Automotive research shows both the opportunities and the challenges in turning consumers’ growing affordability needs into increased fixed-operations revenue.
Read More →
The partner you choose for growth and expansion is key, because better is the ultimate goal instead of growth for growth’s sake.
Read More →