HOUSTON -

Group 1 Automotive said Thursday a new partner has joined its existing $1.35 billion revolving credit facility.
The latest to sign on is Volkswagen Credit, which will serve as a partner to the facility that expired in June 2016.

Commenting on the news, John Rickel, Group 1's senior vice president and chief financial officer, said,  "We are pleased that VW Credit has joined our existing finance partners in support of our floorplan and acquisition syndicated credit facility.

"This addition reflects Group 1's growing relationship with Volkswagen, which has expanded to represent more than eight percent of our new-vehicle unit sales. We look forward to working with VW Credit, as well as all of our financial partners in the coming years," he continued.

The lenders in the syndicated facility now consist of five captive finance companies — Toyota Motor Credit Corp.; BMW Financial Services NA, LLC; Mercedes-Benz Financial Service USA LLC; Nissan Motor Acceptance Corp. and VW Credit, Inc., and 17 commercial banks.

The commercial banks are JPMorgan Chase Bank, N.A.; Bank of America, N.A.; Comerica Bank; U.S. Bank, N.A.; Wells Fargo Bank, N.A.; Capital One, N.A.; Compass Bank; Key Bank National Association; Mass Mutual Asset Finance; Bank of the West; Flagstar Bank; Amegy Bank, N.A.; Barclays Bank PLC; Motors Insurance Corporation; Sovereign Bank; BOKF, NA dba Bank of Oklahoma and Amarillo National Bank.

Earlier this year, Group 1 came in at No. 6 on Auto Remarketing’s list of the “Top 125 Used Car Dealer Groups.” To view the whole listing, see here.