June 23, 2009

Group 1 Reduces Ford Motor Credit Financing Capacity

ARTICLE TOOLS        | E-MailPrintDiscuss Subscribe

Send an e-mail to colleagues Please fill out the form below to send a link to this story to your colleagues.
Your Name:	Your E-mail:
Colleagues' E-mail (Separate each address with comma):
Message: (Max. 500 chars.)
Enter the verification code as it is shown below without spaces. (Not case-sensitive) Enter Code: What's this? Image Code Verification Automated programs can't "read" the code you see in the box: only humans can. When you enter this code, it ensures that your order is going to a real person. If you don't see an image, make sure your browser is set to display images and try again. If you're not sure what the code is, make your best guess. If you're incorrect, you'll get another chance to enter a different code on the next screen. Close
CANCEL

HOUSTON — Automotive retailer Group 1 Automotive Inc. said today that it reduced the borrowing capacity under its credit arrangement with Ford Motor Credit Company for floorplan financing from $300 million to $150 million, with no change to the terms or pricing.

This evergreen facility provides financing for new vehicle inventory manufactured by Ford Motor Company and its affiliates. The reduction of this credit facility follows a decline in Ford-brand sales.

"With Group 1's shift to import and luxury brands over the last few years, Ford-manufactured vehicles now represent about half of the volume they did for us in 2005," said John C. Rickel, Group 1's senior vice president and chief financial officer. "Group 1, therefore, agreed to support Ford Motor Credit's request to reduce their floorplan commitment level, as our inventory requirements for Ford vehicles going forward will be more than adequately covered by the $150 million capacity limit."

[ Request more info about this product/service/company ]

Request More Info Fill out the form below to request more info regarding the company/product/service featured in the story.
* Name:	Company:
* E-mail:	Phone:
Preferred contact method: EmailPhone
I would like info on the following:
Enter the verification code as it is shown below without spaces. (Not case-sensitive) Enter Code: What's this? Image Code Verification Automated programs can't "read" the code you see in the box: only humans can. When you enter this code, it ensures that your order is going to a real person. If you don't see an image, make sure your browser is set to display images and try again. If you're not sure what the code is, make your best guess. If you're incorrect, you'll get another chance to enter a different code on the next screen. Close
CANCEL