COOPER CITY, FLA. — Coach Industries Group, Inc. (CIGI), a holding company focused on providing financial services and the manufacturing of luxury limousine and specialty vehicles to commercial fleet operators, announced that the company has secured a $3.5 million line of credit from DaimlerChrysler. The financing facility is a LIBOR-based revolving credit line with interest rates being set on a monthly basis.
Frank O'Donnell, chairman and CEO of CIGI said, "We are ecstatic that DaimlerChrysler has joined our other strategic partners in providing resources that enable CIGI to provide business solutions for commercial fleet operators. As we move forward, our relationship with DaimlerChrysler will enable us to complete our corporate and strategic initiatives, thereby creating future shareholder value."
According to Susan Weisman, CFO of CIGI, "This facility will benefit Coach by increasing our working capital and also allowing us to enhance and expand our overall portfolio of financial services we currently offer to the fleet industry."