Captives join to give Asbury more clout for acquisitions.(Asbury Automotive Group )(Brief Article)

Automotive News, January, 2001 by Henry, Jim

Asbury Automotive Group has boosted its borrowing power for acquisitions significantly through a $1.3 billion financing agreement with Ford Motor Credit Co., Chrysler Financial Co. LLC and General Motors Acceptance Corp. The landmark deal, announced Jan. 18, includes $550 million for acquisitions and $750 million for floorplanning. The acquisition line of credit is roughly double what Asbury had available previously, said CEO Brian Kendrick. ``We have a lot of opportunity to fill in our regional (dealership) platforms,'' Kendrick said. ``Our plan is to be aggressive over the next 12 to 18 months.'' First group effort Several megadealer groups are building up lines of credit with the captive finance companies for floorplanning and to make acquisitions, but the Asbury...

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