Group 1 Automotive Announces VW Credit Has Joined Existing Syndicated Credit Facility
HOUSTON--Dec. 13, 2012: Group 1 Automotive, Inc.,a Fortune 500 automotive retailer, announced today that VW Credit, Inc. has signed on as a partner to its existing $1.35 billion revolving credit facility that expires in June 2016.
The lenders in the syndicated facility now consist of five captive finance companies -- Toyota Motor Credit Corporation; BMW Financial Services NA, LLC; Mercedes-Benz Financial Service USA LLC; Nissan Motor Acceptance Corporation and VW Credit, Inc. -- and 17 commercial banks. The commercial banks are JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Comerica Bank; U.S. Bank, N.A.; Wells Fargo Bank, N.A.; Capital One, N.A.; Compass Bank; Key Bank National Association; Mass Mutual Asset Finance; Bank of the West; Flagstar Bank; Amegy Bank, N.A.; Barclays Bank PLC; Motors Insurance Corporation; Sovereign Bank; BOKF, NA dba Bank of Oklahoma and Amarillo National Bank.
"We are pleased that VW Credit has joined our existing finance partners in support of our floorplan and acquisition syndicated credit facility," said John C. Rickel, Group 1's senior vice president and chief financial officer. "This addition reflects Group 1's growing relationship with Volkswagen, which has expanded to represent more than eight percent of our new vehicle unit sales. We look forward to working with VW Credit, as well as all of our financial partners in the coming years."
About Group 1 Automotive, Inc.
Group 1 owns and operates 120 automotive dealerships, 157 franchises, and 31 collision centers in the United States and the United Kingdom that offer 32 brands of automobiles. Through its dealerships, the company sells new and used cars and light trucks; arranges related vehicle financing, service and insurance contracts; provides automotive maintenance and repair services; and sells vehicle parts.
Group 1 Automotive can be reached on the Internet at Group 1.