Citigroup Inc.’s commercial business unit said it is entering the transportation fleet financing business.

The new division, to be called Citi Transportation Finance, will provide financing for trucking companies and private fleets that have minimum annual revenues of $5 million and the potential for near-term financing needs of at least $1 million, the company said.

“We are uniquely positioned to immediately provide capital, services and insight to transportation fleets based on our history,” said Tom Meredith, executive vice president for the finance unit.

The unit will finance equipment including new and used class 3-8 trucks, tractors and trailers, Citi said.