Precision Auto Gets $11 mil. Loan

LEESBURG, Va.--Precision Auto Care Inc. has refinanced its loan with First Union National Bank. The bulk of the $11.25 million loan was used to pay First Union some $7.3 million that it was owned by Precision, the rest will provide working capital for the operation

The financing deal was completed by Precision Funding, which is owned by Arthur Kellar and Mauricio Zambrano--who also are on Precision’s board of directors.

Precision is the world’s largest franchisor of auto care centers, with nearly 564 locations. The company franchises and operates Precision Tune Auto Care, Precision Auto Wash, and Precision Lube Express centers.