The car rental company closed an offering of €400 million in senior notes and completed a €220 million revolving credit facility. It also plans to close a €400 million asset-backed securitization facility tomorrow.
The car rental company said the transaction will provide additional long-term fleet funding before the next scheduled fleet debt matures.
One Chicago-based independent has figured out how to serve the market of credit-challenged customers without getting burned. Now if he could only get more cars.
Enterprise CFO Bill Snyder spoke recently with Auto Rental News on how Enterprise funds its fleets (Enterprise Rent-A-Car, National Car Rental and Alamo Rent A Car), and on the company’s outlook on the current financial market.
With the cost of capital at a staggering 12-15 percent today, two rental car company announcements to lease fleet vehicles provide an indication as to how deals will get done moving forward.
There are several steps you can take to help determine whether you should purchase new or pre-owned vehicles and how you should finance your fleet.
Some rental operators net pre-tax 20 cents or more on the dollar. With the right plan and enough drive, you can too, advises industry consultant Neil Abrams at the Car Rental Show.
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