AutoNation Inc. has successfully completed its inaugural asset-backed securitization, securing $700 million in funding for its automobile loan portfolio. The securitization was achieved through AutoNation's captive finance company and features a weighted-average fixed interest rate of 4.90%. AutoNation's CEO, Mike Manley, expressed satisfaction with the transaction, highlighting that the interest rate was competitive and lower than the cost of the debt it replaces. The offering size was increased by $200 million, providing additional capital for the company's capital allocation strategies.
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