ABC, Comerica Bank and GMAC Reach Major Financing Arrangement
Auction Broadcasting Company (ABC) announced the completion and funding of a new $60 million credit facility. This facility, funded jointly by Comerica Bank and GMAC Commercial Finance is designed to provide ABC the working capital to support the rapid growth ABC says it has enjoyed since its’ founding in 2000.
Mike Hockett, ABC’s founder and President stated, “We are extremely pleased to have two such supportive partners join together in this commitment to ABC”. Mr. Hockett further stated that, “ABC has won significant new business recently including GM, GMAC, Daimler-Chrysler, Toyota, Nissan, Honda and many others. This major commitment by Comerica and GMAC provides ABC a solid foundation as we continue to grow our business."
Mr. Hockett added, “We are quite pleased that Comerica Bank, with whom we have had a significant relationship since 2000, has again demonstrated support for our business. They have proven time and again to be a great business partner. We are equally pleased that GMAC Commercial Finance is partnering with Comerica Bank allowing for continued growth. We are looking forward to working with both partners as our business grows."
Auction Broadcasting Company was founded in 2000 by the past founders of ADESA Corporation. ABC has auctions in seven markets and serves clients nationwide through its Online Ringman® Internet bidding technology and its ReconRamp technology. You can visit ABC online at www.auctionbroadcasting.com.
Comerica Incorporated is a financial services company focused on business banking and asset gathering. Through its more than 500 customer-service locations, including branch, lending and investment offices, Comerica says it helps businesses and people be successful. Comerica has an investment services affiliate, Munder Capital Management, ranked among the top money managers worldwide. Comerica reported total assets of $56 billion at March 31, 2003.
GMAC Commercial Finance offers business-to-business lending, leasing and factoring products structured to fit the needs of a wide variety of clients in diverse industries.
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