NextGear Capital, Inc. recently closed a $1.55 billion securitized bank facility, led by The Bank of Tokyo-Mitsubishi. The newly minted provider of lending products for car dealers and auctions stems from a merger between Manheim Automotive Financial Services and Dealer Services Corp., which Manhiem acquired last year. 
The two-year securitized facility will deliver flexibility and lending capacity through a syndicate made up of six banks. The facility supplements an existing privately place AAA-rated term bond financing that NextGear has in place through yearend.
“The banks view our relationship with NextGear Capital as a long-term partnership, and we look forward to being a part of NextGear Capital’s growth plans,” said Greg Hurst of The Bank of Tokyo securitization group, in a release.
Carmel, Ind.-based NextGear Capital services more than 17,000 dealers across the U.S. “It is critical that NextGear Capital has a strong bank group that fully understands our business and is committed to our growth objectives, both short- and long-term,” said its Chief Financial Officer David Horan. “We have accomplished that goal with these banking relationships and this new facility.”
