Budget Group’s Cruise America, VPSI Sold

The sale of the RV rental and sales company, Cruise America, and VPSI, the commuter van pooling company, has recently been closed by Budget Group, Inc.

An investment group including Cruise America original founders Randall Smalley and Robert Smalley Jr., as well as other com-pany management, purchased 80.1% of the company.

Financing assistance was provided by Thor Industries, Inc., one of the largest recreational vehicle manufacturers and a primary supplier of RVs to Cruise America. Thor expects sales of approximately $30 million from Cruise America.

VPSI was sold to an investment group based in Indianapolis and VPSI management.

The Cruise America sale gave Budget Group, Inc. approximately $27.5 million in cash and notes receivable, and the VPSI sale gave the company approximately $27 million in cash and notes receivable.

Comment On This Story

Name:  
Email:  
Comment: (Max. 10000 characters)  
Please leave blank:
* Please note that every comment is moderated.

 
 

Newsletter: Sign up to receive latest news, articles, and much more.

Read the latest

Auto Focus Blog: A blog covering fleets, auto rental and the business of cars

Car Rental Rates Up, Fleet Sales Down — Correlation?

Car rental companies’ recent fleet discipline is needed now more than ever.

Hertz, Avis Autonomy Partnerships: Good First Steps on a Long Path

Two new autonomous vehicle project partnerships bring the importance of fleet management to the fore.

An Inside Look at Car Rental in China

A trip to a new car rental convention in Guangzhou reveals a booming market, yet one facing unique challenges.

Job Finder: Access Top Talent. Fill Key Positions.

>