Tuesday, Sep. 19, 2006, 08:00 PM UPDATED 11:59 AMBy Nick Zulovich
MEDFORD, Ore. -- Lithia Motors recently announced it has signed a new credit facility that will be funded by US Bank, DaimlerChrysler Financial Services and Toyota Financial Services. All three lenders will participate equally in the credit facility, according to executives.
Lithia said the new credit facility will be used for acquisitions and working capital.
"These are three of the strongest and most creditworthy companies in the financial services sector," explained Jeff DeBoer, senior vice president and chief financial officer for Lithia. "The funding from US Bank, DaimlerChrysler Financial Services Americas LLC and Toyota Financial Services creates a strong foundation for our long-term capital need as we continue our strategy of consistent growth in the future."
Tom Pritchard, president of US Bank Dealer Commercial Services, added, "Our business revolves around a flexible model whereby dealers can rely on US Bank for all levels of financial service and guidance, be they simple banking services or complex financing arrangements such as this new credit facility for Lithia Motors.
"We are looking forward to the opportunity to expand our relationship with Lithia by working more closely with our new syndicated partners from Toyota and DaimlerChrysler," he concluded.