NAPLES, Fla. – Lease finance company Chrome Capital has completed a $20 million equity investment from Leucadia National Corp., a publicly listed diversified holding company. The investment, completed March 10, may be increased to $86 million to fund Chrome Capital’s growth plans, the company said.
In addition to funding Chrome’s rapid growth, the equity infusion will capitalize the company's balance sheet and further develop its services and product offerings to an existing network of nearly 300 dealers.
The company announced a $20 million investment last summer.
"Permanent capital from a significant strategic partner, coupled with Chrome’s highly efficient infrastructure, facilitates three core objectives of our business: help Harley-Davidson dealers put more motorcycles on the road; bring Harley riders back to the dealerships at the end of the lease term; and provide superior customer service to both the dealerships and leasing customer,” said Peter Wasmer, CEO of Chrome Capital, in a press announcement.
Chrome Capital signed the first dealership for its TestRide national leasing program for pre-owned Harley-Davidson motorcycles in late 2011 and has reached nearly 300 participating dealerships in 39 states. Later this month, Chrome Capital said it will begin partnering with dealerships in California and New York.
“The program is growing because it is additive to dealers’ profits and turbocharges their customer retention numbers. And, most importantly, it fits riders’ budgets and trade cycles,” said Brian Cramer, vice president of Dealer Development.
More information about Chrome Capital is at www.chromecapital.com.
Posted by Holly Wagner