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Fleet Advantage says it secured a total of $223 million in truck lease syndications during its 2020 fiscal year ending on June 30, with an additional $89 million in syndications volume during its fiscal Q1 ending Sept. 30.
During 2020, companies required financing programs to maintain cash flow while remaining competitively positioned for the future, the company says. In response, Fleet Advantage introduced its “Sale-Leaseback” program that helps to dispose of surplus trucks and convert “dormant equity” locked up in truck ownership into cash with the opportunity to upgrade the fleet at a future date.
Fleet Advantage says it leverages the company’s bank partnerships with their market expertise to secure access to abundant capital and lower financing costs for its clients.
“Innovative and flexible financing will remain important as companies balance the need for truck replacement with the uneven economic climate,” said Marc Gingold, vice president of syndication at Fleet Advantage. “A large segment of our customer base is dedicated to grocery supply chain logistics which required us to react to increasing fleet capacity in the short term. We have enabled these customers to expand quickly in spite of pricing, credit line and underwriting challenges. We are encouraged with our success and creating a foundation for future growth for customers and our funding partners.”