CarMax Signs $200 Million Credit Agreement
Used-car retailer CarMax Auto Superstores Inc. on June 4 said it signed a $200 million credit
agreement secured by vehicle inventory with DaimlerChrysler Services North America and Toyota Financial Services, according to a Reuters report.
The deal includes a $100 million revolving loan and a $100 million term loan. Both loans have initial two-year terms, renewable annually thereafter, CarMax said. DaimlerChrysler Services is agent for the credit agreement.
"We believe that this credit facility, along with securitization of finance receivables, sale/leasebacks and internally generated cash from operations, will provide CarMax the capital capacity needed to meet our operational and capital expenditure requirements for the foreseeable future," CarMax Chief Financial Officer Keith Browning said in a statement.
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