Budget Group, Inc. (NYSE: BD) today announced that it has closed on the sale of its Licensee Leasing Program and has reached agreement to sell two of its new car dealerships. In total, these three transactions will generate equity proceeds of approximately $70 million. The Licensee Leasing Program, which offers financing to Budget licensees, was purchased by 1st Source Bank, a South Bend, Indiana, based company owned by 1st Source Corporation (Nasdaq: SRCE - news). 1st Source Corporation is the largest locally owned financial institution headquartered in the Northern Indiana-Southwestern Michigan area.