Ryder Canada Extends Partnership with CIT to Offer Its Customers more Financing Options for Pre-Owned Vehicles

Agreement enables Ryder Canada to provide a wider range of programs and competitive financing options nationwide

MIAMI--(BUSINESS WIRE)-- Ryder System, Inc. (NYSE: R), a leader in commercial fleet management, dedicated transportation, and supply chain solutions, today announced that it is making it easier than ever for customers to finance quality pre-owned vehicles. The Company recently extended its U.S. preferred lender agreement with CIT Group Inc. (NYSE: CIT), a leading provider of commercial lending and leasing services, to now include Ryder customers in Canada.

For the past four years, CIT, through its Direct Capital Corporation subsidiary, has been a preferred lender for Ryder Pre-Owned Vehicle Sales Centers across the United States. The Canadian partnership adds CIT to a list of preferred lenders, providing Ryder customers with more options for lending partners. The partnership increases the variety of highly competitive financing programs and additional alternatives for Ryder customers across Canada.

“We are pleased to extend the benefits of this partnership to Canadian businesses looking for the best rates and more financing options for quality pre-owned vehicles,” stated Michael Cagney, Director Asset Management Ryder Canada. “Offering our customers the convenience of a true, one-stop resource is a key initiative for Ryder. With this agreement, our customers can take advantage of financing options that will help their businesses grow, while reducing financing costs.”

Blake Macaskill, Managing Director of CIT Canada, said, “We are excited to be developing and expanding our partnership with Ryder Canada. One of the many benefits of the CIT acquisition of Direct Capital is the ability to offer our partners consistent financing programs in both Canada and the United States.”

Customers across Canada can choose from Ryder’s vast selection of pre-owned cab and chassis trucks, including diesel-powered straight truck models with a full range of payload capacities. Ryder currently offers the largest inventory of pre-owned vehicles for sale in North America, selling more than 17,000 vehicles a year from over 59 used truck centers across North America, including seven in Canada. To view Ryder’s complete Canadian coast to coast inventory, please visit, www.ryderusedtruck.ca.

About Ryder

Ryder is a FORTUNE 500® commercial fleet management, dedicated transportation, and supply chain solutions company. Ryder’s stock (NYSE: R) is a component of the Dow Jones Transportation Average and the Standard & Poor’s 500 Index. Inbound Logistics magazine has recognized Ryder as a top third party logistics provider and green supply chain partner. In addition, Security Magazine has named Ryder one of the top companies for security practices in the transportation, logistics, supply chain, and warehousing sector. Ryder Canada is a proud supporter of the Canadian Cancer Society, a national community-based organization of volunteers whose mission is the eradication of cancer and the enhancement of the quality of life of people living with cancer. For more information, visit www.ryder.com and follow us on Facebook, YouTube, Twitter, and on our Online Newsroom.

About CIT

Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $35 billion in financing and leasing assets. It provides financing, leasing and advisory services to its clients and their customers across more than 30 industries. CIT maintains leadership positions in middle market lending, factoring, retail and equipment finance, as well as aerospace, equipment and rail leasing. CIT’s U.S. bank subsidiary CIT Bank (Member FDIC), BankOnCIT.com, offers a variety of savings options designed to help customers achieve their financial goals. cit.com

Note Regarding Forward-Looking Statements: Certain statements and information included in this news release are "forward-looking statements" within the meaning of the Federal Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on our current plans and expectations and are subject to risks, uncertainties and assumptions. Accordingly, these forward-looking statements should be evaluated with consideration given to the many risks and uncertainties that could cause actual results and events to differ materially from those in the forward-looking statements including those risks set forth in our periodic filings with the Securities and Exchange Commission. New risks emerge from time to time. It is not possible for management to predict all such risk factors or to assess the impact of such risks on our business. Accordingly, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Ryder System, Inc.
Cindy Haas, 305-500-4526
[email protected]
or
Jonathan Mayor, 305-500-3161
[email protected]

Source: Ryder System, Inc.

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