Subaru of America Inc., a longtime tenant at the Port of Vancouver USA, has extended its 40-acre lease at the port until at least 2030.
On Tuesday, the port’s Board of Commissioners unanimously approved a ten-year lease extension with the Japanese automaker. The company’s lease would have expired on August 31, 2020. The agreement also includes two five-year options that could take the lease to 2040.
According to port officials, revenue to the port over the remainder of the lease is expected to exceed $7 million.
“I was here, working at the port, when the first Subaru rolled off the ship,” said Commission president Nancy Baker in a press release. “It’s grown so much, and we celebrated our one-millionth car last summer. I think we’re doing a very good job putting (Subaru’s leasehold) to work and bringing benefit to this community.”
Subaru has imported, processed and transported vehicles at the port since 1992. Today, roughly 150 Subaru and Auto Warehousing employees work at the port to process vehicles for sale in the U.S.
About 60 percent of Subarus processed at the port are loaded onto rail cars, while the rest are transported by truck. United Road Services, also a port tenant, transports vehicles by truck to dealers in the Pacific Northwest.
In 2014, Subaru processed 81,718 vehicles in Vancouver.
Image courtesy Port of Vancouver USA
