Chevway Corp.
List of Deals
- 1969 Chevway Corporation: sale of 60,000 shares of 5% cumulative convertible preferred stock, class A, February 25, 1969
- 1968 Chevway Corporation: sale as of January 25, 1968, of 1,204,000 shares of common stock and $796,000 6% subordinated promissory notes
The Chevway Corporation was based in Chicago, Illinois. It was incorporated in Delaware in March 1965 and organized by a group of Chevrolet dealers as a lease-rental company for Chevrolet automobiles. The company concentrated on three activities: (1) franchising itself and other Chevrolet dealers to use the Chevway System in conducting local automotive rental and leasing activities; (2) engaging in fleet leasing of car and trucks; and (3) participating in the replacement tire market.
The first officers of the company were Chevrolet dealers. The president was William Mitchell, Jr., a Chevrolet dealer in Waltham, Massachusetts. The General Motors Corporation did not have any financial interest but it did cooperate in the creation of the corporation and allowed the Chevway name to be used.
In its first year of operation ending August 1966, Chevway lost $262,704 on revenues of $167,234. It employed twenty people in 1966. By 1969 this grew to 110 employees and assets of $28,031,966.