DENVER, Sept. 18 /PRNewswire/ -- SmartMove Auto, LLC today announced that it has completed a $30 million debt financing. Morgan Keegan & Company, Inc. acted as sole placement agent and financial advisor for the debt facility. The $30 million of secured financing enhances the Company's capital structure and provides additional capital to fund the continuing growth of SmartMove Auto's business. The credit facility has the ability to expand up to $70 million should SmartMove Auto's growth necessitate a facility of that size.
SmartMove Auto owns and operates a chain of used automobile dealerships primarily focused toward the subprime customer through a Buy Here, Pay Here and Rent-to-Own business model. SmartMove Auto provides high-quality, dependable vehicles to credit-challenged customers in a friendly and professional environment, with the ability to provide financing to such customers internally.
The SmartMove Auto team has worked very hard this year to make affordable automobiles available to its customers. The customer base continues to expand rapidly, with nine locations in three states and three more opening soon. SmartMove Auto is working to add more locations in the coming months, and this funding enables continued expansion. Morgan Keegan & Company has been instrumental in helping SmartMove Auto achieve this milestone. In commenting on the transaction, Keith Meyers, Senior Vice President, Financial Services Investment Banking, Morgan Keegan & Company, said, "We were pleased to be selected as the Company's financial advisor. The ability to complete the transaction in this credit market is a testament to SmartMove Auto's strength and position in the market. This transaction gives SmartMove Auto the ability to continue its high rate of growth and store expansion model."
For more information on the company, please visit http://www.smartmoveauto.com.
Contact: Eric Lentell of SmartMove Auto, LLC, +1-303-961-7284, pr@smartmoveauto.com