Dallas Firm Acquires Transamerica Unit
Associates Corp. of North America has acquired Transamerica Fleet Leasing Corp. from Transamerica Commercial Finance Corp. for an undisclosed sum.
Associates, a unit of Ford Motor Co., assumes lease and management responsibilities for about 9,300 autos and light trucks previously owned or managed by Transamerica Commercial. Associates now has more than 66,000 autos and light trucks under lease and management nationwide.
Chicago-based Transamerica Commercial is a wholly owned subsidiary of Transamerica Corp. of San Francisco.
“The acquisition of the Transamerica automotive portfolio is a significant addition to Associates Leasing,” said Chairman Reece A. Overcash Jr. “Transamerica Fleet Leasing has a reputation for providing high standards of service to its clients, and we intend to maintain that quality.”
Robert A. Watson, president of Transamerica Commercial Finance Corp., said the sale is a continaution fo his company’s strategy of focusing its commercial financing activities on inventory financing, insurance premium financing and specialized asset-based lending.
Associates, with assets of more than $16 billion, provides consumer finance, specialized commercial finance and leasing, and insurance. It manages financial assets of Ford subsidiaries in the United States, Britain, Japan and Canada.
