Sutton Leasing has acquired a Chicago-based fleet management company in a stock transaction that gives Sutton access to the nation's third most populated city.
Sutton — the No. 12 fleet lessor in Automotive Fleet's 2014 Fact Book — acquired Arnie Yusim Leasing Inc. effective Oct. 1. Sutton declined to release additional terms of the deal.
The acquisition adds about 2,000 vehicles to Sutton's managed fleet, which included about 15,500 vehicles prior to the deal, said C.J. Sutton, executive vice president. Yusim is based in the Chicago suburb of Northbrook, Ill.
"I put the word out that we were looking to acquire another leasing company, and we wanted it to be something west of us," Sutton said. "When we came across Yusim, it was a good fit for us. They are a family-run company. They're in Chicago, and we wanted to get into the Chicago market."
Sutton is based in Detroit and run satelite offices in Deerfield Beach, Fla., and Dayton, Ohio. Sutton operates Dalco Auto Leasing in Dayton.
Sutton services fleets in a mix of about 60 percent customers with 10-50 vehicles and 39 percent customers with 51-999 vehicles. It serves several larger clients including the Walt Disney Corp., Fresh Mark, and Level 3 Communications.
Sutton is known for tailoring leases to clients, and offering 40-50 different leases, including an interim-rent lease that charges clients a pro-rated share to lease a vehicle based on the number of days it's used rather than a full month's payment.