Written by The Business Journal Staff
Capital One will provide a $12 million floorplan revolver credit facility to Fahrney Automotive Group in Selma as well as a $10.4 million construction line of credit that will enable the car dealer to house each of its three franchises in separate facilities.
Capital One announced the deal today.
“This is the first construction loan in California for our automotive dealer commercial services business,” said Michelle Carriere, senior vice president and manager of Capital One’s Commercial Dealer Services Group. “We have grown the national reach of our business in the past few years, and we’re also expanding our capabilities to serve the full range of financing needs for our clients.”
Fahrney’s Toyota dealership – Toyota of Selma – will move from its current building to the new facility, which will be located adjacent to Highway 99 east of an existing Walmart.
Fahrney Buick/GMC, which shares a building with Swanson-Fahrney Ford, will move to the old Toyota building and be renovated to GM’s “Brand Standard.”
The Fahrney Group is owned by Jerry and Don Fahrney and is celebrating its 60th anniversary this year.
“We’re a family business and we value relationships,” Jerry Fahrney said. “Throughout the transaction, Capital One demonstrated a level of responsiveness that truly showed their dedication. At the same time, we appreciated the fact that they had the capacity to meet all of our financing needs in a single transaction.”
The new Toyota facility will be one of five locations in the California with a jewel box — a two-story glass enclosure that dealerships use to showcase vehicles — and will serve as a landmark for the more than 68,000 vehicles that will pass the new facility every day.