Capital One announced today that it will provide floorplan revolvers totaling $14 million to two Honda dealerships located in Tennessee, both owned by the Hudson Automotive Group. The lender also provided a $2.6 million term loan to Hudson Automotive Group’s holding company, Hudson ET Holdings, according to a CapOne press release.
The transaction with Hudson is the first in Tennessee for Capital One’s Commercial Dealer Services Group.
“Our Dealer Services Group has been active regionally for over 25 years. Three years ago we expanded to a more national commercial platform in order to better complement and support our existing dealer retail partners,” Michelle Carriere, senior vice president and manager of Commercial Dealer Services, said in the release. “This transaction reflects our commitment to meeting our clients’ needs nationally.”
The Hudson agreement comes a month after the company announced a $12 million floorplan revolver to be provided to the Fahrney Automotive Group in Selma, Calif. CapOne also offered a $10.4 million construction line of credit providing each of its three franchises with a separate facility.
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