VMAC Holdings closed a $5 million line of credit facility with Mercedes-Benz Financial Services USA, a captive financial services provider within the Daimler Mobility group of companies.
VMAC, through its various national operating subsidiaries, intends to use the facility primarily to fund expansion of its Mercedes Metris microtransit and Transportation as a Service projects in cities across the U.S.
“We are pleased to have Daimler as a strategic partner. Their support allows VMAC to continue its tremendous growth trajectory in highly efficient on demand network projects that improve the commute for millions,” said Grant E. Stark, CFA, co-owner and chief operating officer of VMAC Holdings.
Launched in October 2014 in New York City, VMAC has grown to one of the largest owners and operators of Mercedes Metris vehicles.
