Asbury Automotive Group, L.L.C. Announces $1.3 Billion Financing Agreement with Top Auto Captive Finance Companies
18 January 2001
Asbury Automotive Group, L.L.C. Announces $1.3 Billion Financing Agreement with Top Auto Captive Finance Companies
STAMFORD, Conn.--Jan. 18, 2001--Asbury Automotive Group L.L.C., the third largest dealership group in the United States, today announced it has entered into a financing agreement with Ford Motor Credit, Chrysler Financial and GMAC with a total availability of $1.3 billion.
The credit facility will be used to assist Asbury Automotive in its growth with $550 million for acquisition and working capital and $750 million in floor plan financing. The primary agent for the new agreement is Ford Motor Credit with Chrysler Financial and GMAC joining as participants.
"We are pleased to have secured the support of these top manufacturers in the midst of such a challenging credit environment," said Asbury Automotive's Chief Executive Officer Brian Kendrick. "These captive finance companies will enable us to move forward with our growth plans in a way that is mutually beneficial to both the dealers and the manufacturers."
Greg Smith, President - Ford Financial North America stated, "We have an established working relationship with Asbury Automotive Group and we're delighted to be the primary agent for this financing deal. This demonstrates Ford Credit's willingness to provide innovative financing solutions for our dealers."
Tony W. Lee, Director of Business Development, Asbury Automotive Group stated, "The credit facility allows us to restructure and streamline our capital structure while allowing us the flexibility and capacity for growth."
About Asbury Automotive, Inc.
Asbury Automotive Group is the third largest automotive retailer in the United States with pro forma revenue in excess of $4.5 billion. The Company is comprised of eight regional automotive groups consisting of approximately 90 dealerships representing 120 franchises located in Arkansas, Florida, Georgia, Mississippi, Missouri, North Carolina, Oregon, Virginia and Texas. In addition, the company co-founded www.greenlight.com in 1999, the fastest growing online car-buying website.
About Ford Motor Credit Company
Ford Credit a wholly-owned subsidiary of Ford Motor Company is the world's largest automotive finance company. Now in its 41st year, Ford Credit provides vehicle financing in 40 countries to more than 10 million customers and more than 11,500 automotive dealers. Ford Credit had total earnings of $1.3 billion in 1999, with a worldwide receivables base of more than $140 billion. More information about Ford Credit can be found on the World Wide Web at www.fordcredit.com.
About Chrysler Financial
Chrysler Financial Company, a limited liability company of DaimlerChrysler Corporation, is part of DaimlerChrysler Services AG, which helps consumers and dealers finance vehicles worldwide. In addition to automotive financing, DaimlerChrysler Services provides fleet management, insurance and commercial financing and has announced it will enter the banking industry with the establishment of DaimlerChrysler Bank. DaimlerChrysler Services has a $100 billion portfolio and more than 10,000 employees in 35 countries.
About GMAC
GMAC, a wholly owned subsidiary of General Motors Corporation since 1919, operates under the brand name of GMAC Financial Services. In addition to worldwide automotive financing, its major businesses are insurance, mortgages and commercial finance (business-to-business lending). GMAC reported net income of $1.6 billion in 2000. GMAC's 27,000 employees work in over 700 facilities in 40 countries.
Included herein are forward-looking statements, including statements with respect to anticipated revenue and profit growth. There are many factors that affect management's views about future events and trends of the Company's business. These factors involve risk and uncertainties that could cause actual results or trends to differ materially from management's view, including without limitation economic conditions, risks associated with acquisitions and the risk factors set forth from time to time in the Company's recent filings with the Securities and Exchange Commission.