Wheels, Inc., a prominent lessor of corporate vehicle fleets, is planning a $512.2 million securitization of open-end leases it originates and services for light-duty trucks, cars and other vehicles.

Wheels SPV 2 LLC Series 2017-1 is the company’s first asset-backed transaction in a year and its seventh overall The company will use the proceeds for general funding purposes, according to a presale report from Fitch Ratings.

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