DETROIT -- Asbury Automotive Group, the sixth-largest automotive dealership group in the United States, said Monday it has established a $900 million, five-year line of credit with nine financial institutions and five manufacturer-affiliated finance companies.
The new credit facilities, which mature in October 2016, will provide up to $625 million for new vehicle floor plan financing; up to $100 million for used vehicle floor plan financial and other general corporate purposes; and up to $175 million for general corporate purposes, a company statement said.
"The new credit facility provides the operational and strategic flexibility we need for the next five years," Asbury CFO Scott Krenz said in the statement. "It was especially gratifying that over half of the facility has been committed by our manufacturing partners."
The Duluth, Ga.-based company operates 80 retail auto stores, encompassing 100 franchises for the sale and servicing of 30 different brands of American, European and Asian automobiles. Asbury ranks No. 6 on the Automotive News list of the top 125 dealership groups in the United States with sales of 67,232 new vehicles in 2010.