Ares Management (ARES) Alternative Credit funds and Certified Automotive Lease, also known as CAL Automotive, said Tuesday that they agreed to form a joint venture that would purchase and invest up to $1.5 billion in new vehicle leases originated by CAL Automotive.
The companies said the joint venture plans to capitalize on CAL Automotive's position as an independent consumer auto lessor and become a "complementary strategy" with the company's existing bank partnerships.
According to the statement, CAL Automotive is a subsidiary of Auto Lender's Liquidation Center.
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