Holiday RV Superstores Inc., the Florida-based dealership chain that does business as Recreation USA, has secured $44.5 million in floorplan financing from the Bank of America (BOA) Specialty Group.
The BOA financing raises Recreation USA’s floorplan credit limit up to $80 million.
Recreation USA will use the additional capital to expand its inventory and product depth.
“A floorplan facility of this size demonstrates Bank of America’s confidence in our ability to execute our plan to consolidate the fragmented marine and RV dealership industries,” said Ron Huneycutt, president and CEO.
The $80 million in floorplan credit Recreation USA now has available exceeds the company’s current needs, Huneycutt said. But he added that it provides “additional flexibility to seize opportunities in new or existing lines, as well as providing for additional growth.”
Recreation USA carries more than 60 brands of RVs and more than 10 brands of boats. The company currently operates 14 locations in California, Florida, New Mexico, South Carolina, Virginia and West Virginia.
Its goal is to eventually achieve $1 billion in annual sales. It had $84 million in sales during the first half of this year.