The venture helps independent operators and chauffeurs affiliated with Carey to get easier access to credit in a tough economy.
LAKE SUCCESS, N.Y. - Advantage Funding and Carey International have formed a strategic partnership to provide vehicle financing for Carey chauffeurs and franchisees.
Access to funding for professional drivers has been severely damaged by the credit crunch. This relationship will enable Carey franchisees to update their fleets by providing access to vehicle financing that would otherwise may not be available.
"We continuously look to add value for our chauffeurs, independent operators, and franchisees and sought out a finance [alternative] opportunity that could accommodate those needs," said Gary L. Kessler, Carey President and CEO.
"Advantage Funding is a world class finance organization that has intimate knowledge of the ground transportation industry," Kessler said. "By adding this valuable option, the credit availability issue for many of our chauffeurs may be solved, thus allowing for regular updating of the fleet."
Edward P. Kaye, president of Advantage Funding, said, "Advantage Funding has committed substantial resources to this partnership and we believe there is opportunity to increase livery lending to good operators. Operators now have an easy and cost effective way to update and replace aged equipment and continue to provide Carey customers with the superior service they are accustomed to."
Advantage Funding is a non-captive commercial vehicle leasing and financing company to the ground transportation industry and is a Marubeni Group Company, the multinational general Japanese trading company founded in 1858 with more than 5,500 employees in 70 countries worldwide.
Carey International was founded in 1921 and now has chauffeured service providers in 65 countries and 550 cities spanning the globe.
Source: Advantage Funding, Inc.