FirstBank provides $86.5M in financing to Grupo Felcon
The financing will be used to purchase inventory and build new dealership facilities in Arecibo and San Sebastián.
FirstBank recently granted $86.5 million in financing to Grupo Felcon to purchase inventory for its Toyota dealerships in San Sebastián and Arecibo, and its Ford dealership in Mayagüez.
The financing will also support the construction of new facilities for the Toyota dealerships, featuring spacious showrooms and modern service areas. Grupo Felcon, established in 2008, employs more than 150 people.
“For FirstBank, this transaction represents a new opportunity to continue contributing to the growth of the automotive industry, which is a very important indicator in Puerto Rico’s economic development. Our team is ready to begin this new Alliance with Felcon — a group recognized in the market for growth, service quality, professionalism and administrative strength,” said Eduardo Ortiz, senior vice president of Auto Wholesale at FirstBank.
Alexis Colón, director of FirstBank’s Auto Business, pointed out the alignment of Felcon’s operations with the bank’s growth strategy.
“Our commitment is to achieve significant growth in the island’s northern and western regions where the group operates. We’re confident that with Felcon, we can achieve it while increasing our competitiveness and boosting our market positioning,” said Colón.
Grupo Felcon is headed by its CEO, José Feliciano-Prieto, and Arelys Concepción-Lorenzo, executive vice president, with more than 30 years of experience in the automotive industry.
“For Grupo Felcon, it’s a privilege to partner with a financial institution of FirstBank’s caliber. I’m convinced that both the FirstBank team and Grupo Felcon’s management have many attributes in common that will be of mutual benefit to both,” said Feliciano-Prieto. “We’re very excited about this new stage of Grupo Felcon with FirstBank, and we know that we’ll continue to grow mutually to continue contributing to Puerto Rico’s socioeconomic development.”
The financing will also be used to purchase inventory for the company’s maritime vessel operation — Felcon Marine, which is an authorized representative of the EdgeWater boat brand in Puerto Rico and the Caribbean.
