Car Rental Direct Secures $10 Million Credit

LOS ANGELES -- Car Rental Direct, a subsidiary of MAII Holdings, announced it has obtained a new $10 million line of credit from Ford Motor Credit Corp.

CRD intends to use the credit line to finance the acquisition of additional vehicles for its locations in the Los Angeles, San Diego, Las Vegas and Phoenix markets. CRD's fleet utilization rate is running at approximately 85%, and the company expects to open five additional locations during the first quarter 2002. CRD currently operates 20 locations.

"This additional financing line will give us a strong boost in expanding our fleet," said Chris Tyler, chief executive officer of MAII Holdings. "Demand for our product has been increasing faster than our ability to supply and with the additional flooring line from FMC we will now be able to absorb much of the demand and continue our strong pattern of growth."

Comment On This Story

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

Why Do We Visit Capitol Hill?

Members of the American Car Rental Association met with U.S. senators, representatives, and their aides last week. Here’s why bringing the message to this forum matters.

The Customer Isn’t Always Right

Not caving to a customer with a blatant agenda may have consequences, especially for a small rental company that relies on stellar Yelp ratings to advertise. But business integrity must prevail.

The Truth Behind Compact Van Depreciation

Why are large van values holding up better than their compact counterparts, and will it last?

Job Finder: Access Top Talent. Fill Key Positions.