GE Commercial Finance Fleet Services and Walden Leasing Expand Fleet Financing to Rental Car Companies
EDEN PRAIRIE, MN - GE Commercial Finance Fleet Services has signed an agreement Oct. 4 to work with Denny Hecker’s Walden/Rosedale Leasing (Walden Leasing) headquartered in St. Louis Park, Minn. 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 fleet management products with Walden Leasing’s relationships in the rental car industry. This combination will not only provide financial products, but also offer automotive services that help operate rental fleets more cost-effectively.
With more than 2 million 2005 model-year vehicles purchased by rental companies, this arrangement aligns with GE Commercial Finance Fleet Services’ growth strategy.
Walden Leasing is owned by Dennis Hecker, chairman and CEO. Walden Leasing has been providing leasing to the rental vehicle industry for more than 20 years.
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 GE Commercial Finance Fleet Services. Details of the transaction were not disclosed.
During the past 20 years, Hecker, founder of Walden Leasing, has grown his business of sourcing and leasing vehicles to rental car companies. Currently, Walden Leasing has a lease portfolio of over $400 million. Walden is the largest independent provider of leased vehicles from a variety of domestic and foreign automotive manufacturers to this industry segment. Denny Hecker also owns and operates 15 automotive dealerships, commercial and residential real estate development businesses, mortgage and consumer finance companies, and fleet services.