The Mint Leasing, Inc., provider of innovative leasing services to customers of franchised automobile dealers throughout the United States, announced that it has purchased fifty 2010 Toyotas (Camry and Corolla models) from a leading Houston Toyota dealer, utilizing its new and previously announced credit facility of up to $10 million. The vehicles have already been leased to a major automobile rental agency in San Antonio, Texas.
“This transaction follows the purchase and lease of sixty-one Toyota Corollas that was announced earlier this month and illustrates an improving business outlook for Mint Leasing that we expect to continue into 2010,” stated Jerry Parish, Chief Executive Officer of the Company. “The San Antonio auto rental agency selected Mint Leasing based upon the Company’s ability to provide competitive prices and tailor leasing terms to the customer’s specific requirements.”
“Our ability to close on the purchase and lease of several dozen vehicles on a timely basis further illustrates Mint Leasing’s ability to adapt to the dramatic changes that have impacted the vehicle leasing industry during the past 18 months,” Mr. Parish added. “We believe the completion of this latest transaction in December should allow Mint Leasing to generate net income approaching $1 million in the fourth quarter of 2009.”