Zipcar has renewed its ABS program with Credit Agricole. The program was first announced in May 2010 and extended in May 2011.
The renewed facility will give the company an added $50 million in variable funding to support its growing domestic fleet.
The terms of the one-year renewal, the company said in a press release, represents an improvement on the terms of the current agreement.
"As we continue to grow and expand in both new and existing markets, achieving lower cost of vehicle funding is extremely important to our success," said Zipcar CFO Ed Goldfinger. "We are pleased to continue to work with Credit Agricole CIB to renew our ABS facility on more attractive terms to help cover our 2012 fleet expansion at a competitive financing rate."
"The relationship between Zipcar and Credit Agricole Corporate and Investment Bank has been very positive for both parties, and we're happy to extend for an additional year to support Zipcar's fleet securitization," said Sam Pilcer, a managing director at Credit Agricole CIB. "The terms of the extension continue to allow financing that is competitive and attractive to help Zipcar further grow their domestic fleet."