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Capital One Closes $12MM in Floorplan Revolvers for California Dealership

July 08, 2016, 08:00 AM
Filed Under: Automotive

Capital One announced it provided a $12.0 million floorplan revolver to Fahrney Automotive Group in Selma, CA. Capital One also provided a $10.4 million construction line of credit that will enable the company to house each of its three franchises in separate facilities. 

“This is the first construction loan in California for our automotive dealer commercial services business,” said Michelle Carriere, Senior Vice President and Manager of Capital One’s Commercial Dealer Services Group.  “We have grown the national reach of our business in the past few years, and we’re also expanding our capabilities to serve the full range of financing needs for our clients.”

The group’s Toyota dealership – Toyota of Selma - will move from its current building to the new facility, which will be located adjacent to Highway 99 – the major conduit between Fresno and Los Angeles. Fahrney Buick/GMC, which shares a building with Swanson-Fahrney Ford, will move to the old Toyota building and be renovated to GM’s “Brand Standard.” The Fahrney Group is owned by Jerry and Don Fahrney and is celebrating its 60th anniversary this year.

The new Toyota facility will be one of five locations in the California with a jewel box, a two-story glass enclosure that dealerships use to showcase vehicles. It will serve as a landmark for the more than 68,000 people who will pass the new facility each day.

Capital One Bank’s Commercial Dealer Services Business provides a wide array of banking and lending solutions to new franchised automobile dealerships, as well as providing dealerships with strong retail support through Capital One Auto Finance.

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