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Recreation USA Secures Major Block of Floor-plan Financing

August 29, 2000

Holiday RV Superstores Inc. has secured increased floor-plan financing to $44.5 million to allow the RV dealer to expand its inventory and product depth, according to Ronald G. Huneycutt, president and CEO of the Orlando, Fla., chain of RV and marine dealerships which operates under the trade name Recreation USA.

According to Huneycutt, the expanded floor-plan facility from Georgia-based Bank of America (BOA) Specialty Group reflects the company's financial performance and will support Recreation USA's recent acquisitions and accelerated growth strategy.

"A floor-plan facility of this size demonstrates Bank of America's confidence in our ability to execute our plan to consolidate the fragmented marine and RV dealership industries," Huneycutt said. "We have developed a close working relationship with Bank of America, and expect BOA will continue to be a significant partner as we continue our rapid acquisition pace and successfully build a national dealership brand."

The increase in floor-plan financing line brings the company's overall floor plan to just under $80 million. According to Huneycutt, the available limit exceeds the company's current needs, but provides the company with additional flexibility to seize opportunities in new or existing lines, as well as providing for additional growth.

In mid-1999, Recreation USA announced its intention to consolidate the fragmented RV and marine dealership industries in its quest to reach $1 billion in revenues. The company has purchased nine retail stores in the past eight months. It operates 14 dealership locations in California, Florida, Kentucky, New Mexico, South Carolina, Virginia and West Virginia. Recreation USA dealerships sell, service and finance more than 60 RV and 10 boat brands.

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