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Capital One Provides Floorplan, Term Loan Package to Honda Dealerships

August 10, 2016, 07:09 AM
Filed Under: Automotive Sales

Capital One announced provided floorplan revolvers totaling $14.0 million to two Tennessee Honda dealerships—Honda Kingsport and Honda Morristown—owned by the Hudson Automotive Group and a $2.6 million term loan to the firm’s holding company, Hudson ET Holdings.

“Hudson Automotive is a trusted client of Capital One, and we were pleased to bring them a financial solution that supports their continued growth,” said Timothy Redmond, Senior Vice President and Relationship Manager for Capital One’s Commercial Dealer Services Group. “Our solid understanding of their business allowed us to deliver the tailored service they required.”

The Hudson Automotive Group was founded in 1948 and is headquartered in Charleston, South Carolina. Under CEO David Hudson’s leadership, the company has bought and sold over 20 franchises. It acquired the two Honda dealerships in 2013. 

“Capital One was an easy choice for us; their team devised a creative financial solution that directly addressed our business needs,” noted Hudson COO T. C. Staton.  “We saw floorplan financing from the bank as a great stride forward in broadening our relationship.”

The transaction is the first in Tennessee for Capital One’s Commercial Dealer Services Group. “Our Dealer Services group has been active regionally for over 25 years. Three years ago we expanded to a more national commercial platform in order to better complement and support our existing Dealer retail partners,” said Michelle Carriere, Senior Vice President and manager of Commercial Dealer Services for Capital One.  “This transaction reflects our commitment to meeting our clients’ needs nationally.”

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. Capital One Commercial Bank leverages a relationship-based banking model that seamlessly delivers an array of products and services including loans and deposit accounts[i], treasury management services, merchant services, investment banking[ii], international services and correspondent banking.

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