Wheels Inc. is preparing its first auto fleet lease securitization in two years, according to a presale report published by Fitch Ratings.

Wheels SPV 2, LLC, Series 2014-1 will issue $500.3 million of notes backed by payments on a pool of open-end vehicle fleet lease contracts for cars, light-duty trucks, and other vehicles originated and serviced by Wheels, Inc. The transaction will be Wheels fourth U.S. public term securitization, and its first since 2012.

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