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."