Bank of America Provides New Credit Facility To The Tustin Nissan-Tustin Buick/Pontiac Dealerships.TUSTIN, Calif.--(BUSINESS WIRE)--Feb. 22, 1995--Bank of America's Dealer Corporate Services Activities that combine or consolidate certain enterprise-wide needed support services, provided based on specialized knowledge, best practices, and technology to serve internal (and sometimes external) customers and business partners. announced today that it has provided a new $10 million credit facility to the Tustin Nissan-Tustin Buick/Pontiac Dealerships based here. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Regional Vice President Gary D. Hansen, head of the Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, Region in Dealer Corporate Services, where the transaction originated, the new $10 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. will be used by the Tustin Nissan-Tustin Buick/Pontiac Dealerships primarily for new vehicle inventory financing Inventory financing Used in the context of factoring and general finance to refer to loans to consumer product producers that use inventory as collateral. See also: Inventory loan. , frequently referred to as auto dealer flooring or floor planning Floor planning Arrangement used to finance inventory. A finance company buys the inventory, which is then held in trust for the user. . In addition to the line of credit, he said Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. also is providing the dealerships with cash management and deposit services. "Bank of America's Dealer Corporate Services demonstrated a high degree of professionalism professionalism the upholding by individuals of the principles, laws, ethics and conventions of their profession. by creating a flexible credit facility tailored to meet our needs. We're excited about what this new credit facility means for our marketing objectives and are pleased to be working with a financial partner that understands our vision for the future of these dealerships," said James H. Parkinson, president of the Tustin Nissan-Tustin Buick/Pontiac Dealerships. "Bank of America is committed to providing a full range of products and services to the auto industry in California. We appreciate this opportunity to match our lending expertise and funding capability with the financial needs of the Tustin Nissan- Tustin Buick/Pontiac Dealerships," said Hansen. The Tustin Nissan-Tustin Buick/Pontiac Dealerships sell new and used vehicles on a retail basis and also provide parts and service. The two dealerships in the group are located in the Tustin Auto Center on Auto Center Drive. The Tustin Nissan Dealership occupies more than 22,000 square feet of space at the center and has been in operation there since 1990. The recently built Tustin Buick/Pontiac Dealership began operations in the center in December and has more than 33,000 square feet of space. Parkinson said its overall design conforms to General Motor's "Project 2000" marketing strategy of creating a comfortable, non-threatening shopping environment. The Dealer Corporate Services offices of Bank of America provide a full range of banking services -- including credit, deposit, capital markets, cash management, investments, and personal banking -- to franchised new car dealers in California. CONTACT: Bank of America Jack Houseman, 415/622-5324 |
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