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Company Overview
Vision Auto, Inc. is a PA-based full-service, retail automobile dealer that sells and leases new vehicles (Volkswagen, Porsche and Audi). The dealership has been a fixture in the market for almost 40 years.
Situation
Beginning in 2008, the global economic and financial crisis gripped the automobile industry. Vision had been with its current floor plan lender for a number of years; however, that lender, one of the largest non-captive floor plan lenders in the country, made a strategic decision to exit the business. As a result, Vision needed to find a new lender quickly. This task was complicated because most, if not all, nationally recognized automobile floor plan lenders had significantly curtailed operations. Further, a majority of regional and local community banks curtailed all forms of lending during this time period. In addition, consumer spending on automobiles fell drastically.
Solution
Vision retained Griffin as its exclusive financial advisor to assist it with the identification and analysis of potential lenders who were providing credit during this challenging environment. Griffin worked with the Company to facilitate its ability to meet the lending requirements of potential new lenders. Additionally, Griffin worked with the Company to keep its existing floor plan lender in place pending replacement. Ultimately, the Company closed on a new facility with a community bank and on an infusion of equity to meet its ongoing working capital needs.
For more information on this transaction, please contact Thomas G. Whalen, Managing Director, at 610.205.6115.
