GE Commercial Finance Fleet expanding to rental car market

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GE Commercial Finance Fleet Services has signed an agreement to work with Denny Hecker’s Walden/Rosedale Leasing to provide rental car companies with leasing and loan products that address the needs of the rental vehicle market.

This agreement combines GE Commercial Finance Fleet Services’ financial resources and suite of fleet management products with Walden Leasing’s expertise and relationships in the rental car industry. This goal of this combination, in addition to providing financial products, is to offer value-added automotive services that help operate rental fleets more cost-effectively.

With more than two million 2005 model-year vehicles purchased by rental companies, this arrangement aligns with GE Commercial Finance Fleet Services’ growth strategy, said Kathy Marinello, president and CEO of GE Commercial Finance Fleet Services.

“In the spirit of imagination breakthroughs, this new relationship with Walden Leasing and its strong rental vehicle customer base put us in a new, growing marketplace,” Marinello said. “The value we will bring to our new rental customers through customized financing and auto-related solutions will help drive their growth. When our customers grow, we do too – and so do the opportunities for our employees. Everyone wins.”

Walden Leasing, headquartered in St. Louis Park, Minn., is owned by Dennis Hecker, chairman and CEO, and has been providing leasing to the rental vehicle industry for more than 20 years.

“We are proud and excited to team up with GE Commercial Finance Fleet Services so we can provide our customers with a wider array of lease and new finance products,” Hecker said. “The financial resources and expertise that GE brings to our business will provide a win-win for the industry.”

Walden Leasing’s current customer base of 137 and future rental vehicle customers will be able to leverage additional financial product offerings through this long-term arrangement with Eden Prairie, Minn.-based GE Commercial Finance Fleet Services, Hecker said.

Details of the transaction were not disclosed.