Friday, March 25,2005
Classified Ads--- Bob Borges
######## surrounding the article denotes it is a “press release”
Classified Ads--- Bob Borges
“Your service was an incredibly valuable spoke to my job search. Over 15 months, I received numerous hits from direct funding sources, brokers and search firms across the nation. Although I selected an employer from outside the equipment leasing industry, the conversations and interviews from these hits were beneficial to my eventual success landing a job from a firm selling financial accounting software to the vastly under tapped universe of not for profit concerns.
“FYI I am now employed by Libris Solutions based in Oakland, California. My coworkers are appropriately irreverent which is the best thing I enjoyed in my venture leasing days with the Phoenix Companies working with emerging growth startup companies and the venture capital community.
“Thank you for your service and please keep me on your active mailing list.
Leasing News has been successful from collectors, credit, sales, operations managers, and even senior management positions.
Our goal is to get some activity started to help those seeking a job. We also recommend other internet places, and some are also free:
Jim Harris's Allco Leasing and Financial Services sold to Resource America, Inc.'s LEAF Financial Corporation
PHILADELPHIA-)----Resource America Inc. (NASDAQ:REXI) announces that its wholly owned leasing subsidiary LEAF Financial Corporation ("LEAF") has expanded its lease origination capability and assets under management with the business acquisition of Allco Leasing and Financial Services of Lake Oswego, OR. The acquisition includes both a portfolio of leases with a value of $27 million bought on behalf of LEAF's investment partners and hundreds of long term customer relationships. In addition LEAF will be gaining experienced leasing personnel in a strategic West Coast location. After this acquisition, LEAF will manage approximately $250 million of leases for its own account, for institutions and for third party investors. The acquisition was facilitated by the investment banking services of Diversity Capital, LLC and bridge financing was provided by the Philadelphia office of National City Bank.
Allco Leasing and Financial Services is a commercial equipment finance company established in 1977, that specializes in small to mid-ticket equipment leasing and originates, funds, services, and acquires leases primarily in the western United States.
In its nearly thirty years of operations it has originated over $300 million in equipment leases. Jim Harris, President of Allco Enterprises, Inc. said, "The sale of our leasing operation to the LEAF Financial Corporation will allow Allco Leasing to continue to provide the same quality service to its existing customer base and expand the type of products it offers its referral sources."
Crit DeMent, Chairman and CEO of LEAF, said, "We are pleased to welcome the Allco team members to the LEAF family. Allco's strategy of originating business through referrals and building strong customer relationships will enhance the LEAF business model. We believe this strategy is scaleable and can be implemented nationwide. Not only will this enhance our origination capability but our investment partners will benefit from the quality of the assets generated by the Allco channel."
LEAF Financial Corporation is a commercial finance company headquartered in Philadelphia, PA. LEAF's business model is to originate small to middle ticket equipment leases and loans within the small to mid sized business market by forming strategic marketing alliances and other program relationships with equipment vendors, commercial banks and other financial institutions. After origination, LEAF manages the leases for its own account, institutions, and individual investors through investment partnerships and other investment vehicles.
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the equipment leasing, structured finance, real estate and energy industries. For more information, please visit our website at www.resourceamerica.com, or contact investor relations at email@example.com
Resource America, Inc., Philadelphia Pamela Schreiber, 215-546-5005 215-546-5388 (facsimile)
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The Good, the Bad, and the Ugly about CLP “lite”
First, of all the questionnaire: this one had the fewest responses : 77. We have had as low as 423 and as high as over 600, so this is really a poor response. We also had this up for three days.
The good and the bad: Many of those who responded that they “would be interested in becoming a CLP” were already a CLP. One CLP answered “no.” We should have spelled it out if you were already one, not to vote in this category. We assumed they wouldn't vote here, but I guess you know what “assume” means.
The good, many of them signed their name with the t itle, so we could take them out of the count, and then guess how many really would like to become CLP—which the question asked. Several asked us to forward their name to the appropriate person, Cindy Spurdle, the executive director (we will do that in a few days.)
Taking out those who signed their name and were a CLP, the percentage was 80% who wanted to become a Certified Leasing Professional. Perhaps that is why they responded.
Perhaps the “ugly” were the very few who did respond, who evidently didn't care to be either of the category or have an opinion on it.
Those who were CLP's, responded as true believers, with long e-mails. Some of them are re-produced in whole in this report.
In favor of a new designation, the total vote was 60%. Taking out those who signed as CLP, and those we could also find on the CLP Foundation web site, it went to 78%.
The good, in taking out those who we could identify as CLP, the number went 18% higher. The bad, it appears the overwhelming majority of CLP's are against a new designation. The ugly, not many readers cared about either designation.
“I AM ALREADY A CLP. THERE IS ABSOLUTELY NO NEED TO LESSEN THE STANDARDS REQUIRED TO BE A CLP. IF THAT DESIGNATION MEANS SOMETHING TO AN APPLICANT, THEN STUDY, TAKE THE TEST, AND BECOME A CLP. IT IS AN EARNED DESIGNATION AND SHOULD NOT BE TREATED AS A CORRESPONDENCE SCHOOL ON LINE.
RAPHAEL LAVIN, CLP
“I am a CLP. I would prefer not to have any designation that might be confused with CLP, and possibly degrade the value of a CLP. There is no junior grade insurance license, or junior grade securities license (the 6 and the 7 are almost the same), why should there be a junior grade leasing designation?
Email: firstname.lastname@example.org “
“I'm already a CLP and it was TOUGH to GET. The CLP designation commands high respect in the industry and it shows the individual has gone to great lengths to learn all aspects of the leasing industry and moral values. It is a special achievement that should not be down graded by a lesser format. Ask any CLP and I'm sure they would feel the same. Let's not lower the standards.
Email: Rosanne@1stindependentleasing.com “
“ I am a CLP and do not agree with a lite designation. Possibly an internship after 3 years and passing the test. "A registered CLP intern." I also disagree with making the test easier. We need to know all of the information in the test to be a CLP. Anything less would undermine the profession. In any profession to be certified takes years of training and education. Renee T. Fox, CLP
The title of Associate Leasing Professional, (ALP), would seem to work for a CLP Jr.
22% Non-CLP's were against a new designation:
“The CLP designation is something that only the elite and the professionals in this industry strive for. It shouldn't be taken lightly and it shouldn't be diluted with an easier or cheaper course so that more people can slide in. It's like be pregnant, "Either you are or you are not a CLP"
“I would have no objection to reducing or eliminating the five year requirement if it was decided to do so, but I would strongly oppose moves to “cheapen” the value of the CLP designation by either making the test easier or by creating a lessor category. You can't be “a little bit pregnant” nor should you be able to be “a semi CLP.
“You either qualify or you don't -- and it should stay that way.”
There were CLP's in favor of a “junior designation:”
“I am a CLP. I am one of the people that want to get more people involved in CLP. CLP Board is looking to allow those who make at least 50% be able to retake two of the CLP modules so that they are not subjected to taking the full test over. Great idea. I sat in on some of Terry Winders CLP review course very good. I took the CLP review course that Bob Baker gave also very good. I think the CLP Board should look at giving a CLP Certified teachers seminar and go over the test the questions and what we would like the aspiring CLP's to be proficient in. Then you would know that the person you are taking the CLP from is qualified to teach it. The teachers would sign some kind of non-disclosure to as not to use the direct questions on the test. The more qualified, ethical individuals we can get interested the better the industry as a whole will be. John Winchester, CLP, Nashville, TN am a CLP and my son, Tripp, is currently studying for his CLP exam. We employ 9 salesmen. Most will never make a CLP. A lesser designation, one with a 2 year requirement, would be very helpful to us. If the cost and requirements were reasonable, we would make it a training goal for all of our salesmen.
Ted Prichard, CLP
Email: email@example.com “
And those who didn't want to change it, who were not CLP's:
“The test is fair. It is a review of he knowledge you have learned through the years. It validates said knowledge and ultimately will allow a person to express his opinion between his learned clients and himself on a one basis. The insurance institutes have their designations, CLU, These are not masters degrees but learning designations. I believe the CLP Foundation could learn from the Insurance Foundation. That continued education and designation may bring the leasing industry into the forefront instead of being the one eyed step child. I would call the one eyed step child the Norvergence stuff, the Cyberco Stuff. The CMC stuff. Maybe people would feel more empowered to say no to these type of transactions and deals.
Email: firstname.lastname@example.org “
“Just waiting for the 5 year req. Jim Merrilees made a great point about taking the test and waiting until 5 years to get the title....not a bad thought.
I would support lowering the cost if possible. If the test needs to be updated it should be updated not diluted. Why study the 12c when you have t-value? (if that is an issue)
United Financial Service “
Some of the suggestions for a name:
"Lite Lease Professional" c'mon. That's ridiculous. Either you put the time and effort in to get the designation or you don't. The primary reason for getting the designation should not be for the designation, rather for furthering of your knowledge of the industry in which you make your living.
CLP will be cheapened if the test is made too easy.
Commercial Lease Solutions”
“I am of the opinion that lessening the requirements for becoming a CLP devalues the very reason for creating the CLP program. I have enjoyed more than a 25-year career in leasing and have never once been involved in a lawsuit over what I did or did not represent to a Lessee. Personal integrity begins with the individual and should be supported by the company for which he is employed. Employers in our industry should do more than encourage their employees to obtain the proper training and education during their tenure of employment. Such training and education can only prove beneficial to a company and its bottom line. Most major professions have not just one degree of certification but have lesser levels of accomplishments established as well. There should be a minimum standard for the industry which could be developed by the CLP Foundation. For example, there could be a Level I, Level II and so forth designation (“Leasing Profession I, LPI,etc.), which could further be enhanced for specific areas of leasing such as "sales", "credit", "operations", etc. A CLP designation should indicate expertise in all of the above just as a CPA designation indicates competency in all areas of accounting. A data bank that records successful completion of approved courses could be established, which could be accessed by employers to determine the specific level of educational competency of potential employees. If we truly want to improve the image of our industry then we must be willing to change how we govern ourselves and what we require of each and every member of our profession. Waiting for government to legislate the moral fabric of individuals in our profession is not reasonable and I am not naive enough to believe we can correct every problem. However, establishing minimum industry standard requirements for education and recognizing individual achievement of those accomplishments along the way to earning a Certified Lease Professional designation would speak volumes to government entities hell bent on further regulating our industry and to the business community at large of our sincerity to self govern. And finally, we as an industry must be willing to ostracize those individuals or companies who bring shame to our industry or operate unethically. It is amazing how a few continue to create discord, unrest and bad press for our industry time and time again. Voluntarily raising our own standards of conduct and discharge of responsibilities as an industry is long past due and ever more important as we move forward towards the future. Ken Winkle, Ex. Vice President, Yale Capital Group, Inc. “
And other comments, such as:
“I paid my fees and got my books and study work done. I was tutored by Bob Rodi, but never took the test...shame on me I just never took the time or put forth the effort. Any suggestions?
Thank you Leo Timmerman”
“I have taken the course and find the material that is going to be covered in the test outdated or inconsequential. I also understand that the test is a 7 hour test and is hand written. I believe the test needs to be updated, modernized and in electronic form. The cost to take the test as well as travel cost to the location the test is being given makes it too expensive for many small companies.
Email: email@example.com “
And then we had those who don't like CLP or CLP “lite”
“While in "life" money is not the most important thing, it IS the lifeblood of business. The bottom line here is: How will becoming (any form of ) a CLP help my earning ability??
Email: firstname.lastname@example.org “
“Who cares? The CLP program is a joke. Too many scumbags in the program for it to be legit. When's the last time you saw a GE, Wells, Key, CIT, etc. player with CLP on there business card? These guys do well over 90% of the business. CLPs are small timers.
“Some of the most incognizant and supercilious people that I have ever met.
Email: email@example.com “
“We, as a broker, lessor have created a marketing campaign that has made central our position on interim rent, evergreen clauses, forced insurance and other items that many of the large leasing companies engage in. I also know certain brokers that are members of the different associations are also guilty of these practices.
“We are a medical broker/lessor and have found physicians are real tired of getting screwed with Evergreen clauses and interim rent. As a result, this campaign has been very successful and all the above topics are now on our website. My question is this, how many brokers/lessors that are CLP engage in these practices? It would seem that these would be paramount to basic leasing ethics.
“I would put these 'items' as primary ethics for CLP. as you know Marlin and Manifest engages in Evergreen puts!! To me that is unconscious able to renew a lease that has a stated final payment. we have to monitor all our lessees at the end of their lease. again, you should be able to trust who you do business with!
“I am in small ticket leasing: $5-$50K deals. Nearly every deal I am losing goes to another broker who is lying about their "rates." I do not provide customers with "interest rates" on leases and most prospects summarily move on to another leasing company who will quote them rates, fictitious or not, just so it's seen as convincing.
“Our market charges about 17-18% on these leases (all-in), but my competitors and most of our employees go thru the gyrations of telling the customer about simple interest. "Take the total payback, then divide that by the original cost, then divide by the number of years (and, Voila) . . . the interest rate is about 9%." Our employees who do this convince 7 of 10 customers that the rate is under 10% and the customers agree to lease the deal. I won't do this as it's unethical, and by not quoting a rate I end up with about 3 out of 10 quotes turning into real deals. This industry has always had this problem which will continue without some type of CLP designation that the customer can recognize and feel comfortable knowing they are not dealing with "tin-men." And even then there will still be a significant amount of salespeople willing to lie to win. The bucks are there. I work with people who make over $250K annually off much less than $5 million in fundings.
The conversations are all the same, all day long . . . "What's the interest rate you say?, well since a lease is not an interest bearing instrument, but you'd still like something *simple* to compare it to your other financing, right? OK, let's work it through together. . . "
". . . and that's your simple interest rate. Now what is your legal business name, address, etc?
Leasing is one of the last bastions where cheat-the-customer-to-win still strives to be lower than stereotyped used car salesmen.
“It's interesting to read the Leasing News, Leasing Monitor, etc. to hear about big deals, major accounts secured and big promotions earned. Sounds clean, impressive and competitive. But the bulk of leasing "people" are doing deals from $5K-$100K see what I am talking about daily (if they are doing any business to speak of). We are not in the lofty towers; we are at our phones and on the street telling our stories to win deals. To a CLP It's not a pretty picture, but it's real, and continuing to be common practice in this so-called profession. Even though it's my job and I do it professionally, I'll call this industry "a profession" when more people practice the truth in lending that customers really want.”
Leasing Association Conferences—Spring
National Funding Exhibition Fairmont Hotel
(note: ELA will allow a one time conference attendance to a non-member. However, the ability to attend not only the conferences but information from their website is well-worth the membership fee)
"DEADLINE is MARCH 30 to be included on the Final Attendee list for ELA National Funding Exhibition !"
Nearly 425 attendees have already registered so far for the ELA National Funding Exhibition, April 6-7 at the Fairmont Hotel in Chicago. Check out the list of attendees by clicking on http://www.elaonline.com/events/2005/fundingexhib/attendees.cfm
YOU should be on this list! The deadline to register and be included on the FINAL list of attendees is MARCH 30. So don't miss out, register today
There are now almost 40 Funding Sources ready to do business with you. And, it's an impressive list. Check it out http://www.elaonline.com/events/2005/fundingexhib/exhiblist.cfm
Appointment schedules are filling up fast, so don't delay!
We're glad to have Non-members attend one time to get the feel of the
“The famous Mills House in beautiful, historic Charleston, South Carolina will be the setting for this super conference. Bill Cowden of Springs Leasing, chairman of this event, promises a conference to remember. If you have any workshop ideas or want to volunteer as a panelist, call Alison at 212-809- 1602.”
To view the Mills house, please go here:
Registration has been very active and the Doubletree expects to be completely sold out soon. Please book your room request at 1-877-445-6677 as soon as possible. Additionally, the Saturday afternoon Texas Hold'em tourmament still has seats remaing. Join us for this fun event.
April 21-24, 2005
Spring Leadership Conference
For brochure, click here:
Loews Miami Beach Hotel
for more information, please go here:
Hyatt Regency Union Station
General Conference Information:
NorVergence “Equipment Rental Agreement”
This is being repeated as several readers commented they could not open it. This has been tested twice, and perhaps if you have Adobe open, it may help, or if you re-adjust your internet security to accept “pdf” files.
This is the NorVergence lease agreements ((known as “Equipment Rental Agreement ( ERA)) that many of the state and federal courts are finding provisions unacceptable, including the “wholesale” right of venue of the assignee. For those interested in again seeing the actual “ERA,” here it is:
LaSalle Bank Corporation Announces Leadership Promotions
CHICAGO, -- LaSalle Bank Corporation's President and Chief Executive Officer Norman R. Bobins announced changes to the bank's leadership team designed to solidify the broader roles of key executives who have contributed to the bank's client-focused and relationship-driven culture. These changes are effective immediately:
John R. Newman, 57, assumes the title of President of the bank's Specialty Banking Group. Mr. Newman will continue to oversee the bank's Corporate Capital Markets and the Commercial Real Estate Groups that serve Illinois, Michigan and 12 regional markets. He will also continue to oversee the bank's asset-based lending subsidiary, LaSalle Business Credit, LLC.
Larry D. Richman, 52, assumes the title of President of the bank's Commercial Banking Group. Mr. Richman will continue to lead the bank's commercial banking efforts including Middle-Market and Metropolitan banking that serve Illinois and Michigan. He will also continue to oversee the bank's Specialty Lending Divisions, the 17 regional markets as well as the bank's Correspondent Banking and Public Funds Divisions. Finally, he will continue to oversee the bank's leasing group, LaSalle National Leasing Corporation, based in Baltimore.
David J. Rudis, 52, assumes the title of President of the Consumer Banking Group. He will continue to oversee the bank's retail banking operations comprised of a 400 branch network across a three-state platform, the bank's small business group and the bank's wealth management area that services high- net-worth consumers. Mr. Rudis will also continue to oversee the Marketing and Communications Group for LaSalle Bank Corporation.
"These changes recognize three individuals that play such an integral role in developing the strategic direction for the bank to compete and grow in the marketplace," commented Mr. Bobins. "In addition to these individuals, I am very delighted to have such a talented executive team who continue to provide the foundation and leadership that are critical for this bank to achieve our short-term and long-term goals."
LaSalle Bank Corporation, with $103.4 billion in assets, is the eleventh largest bank in the U.S. and is owned by Netherlands-based ABN AMRO N.V. LaSalle Bank Corporation's subsidiaries include Chicago-based LaSalle Bank and Michigan-based Standard Federal Bank.
Electro Rent Corporation Reports Higher Revenue and Net Income for the Third Quarter and First Nine Months of Fiscal 2005
VAN NUYS, Calif.-----Electro Rent Corporation (NASDAQ:ELRC) announced higher revenue and net income for the third quarter and first nine months of fiscal 2005, compared to the same periods of fiscal 2004.
Third Quarter Results
For the three months ended February 28, 2005, net income increased 112% to $6.9 million, or $0.27 per diluted share, compared to $3.3 million, or $0.13 per diluted share, for the third quarter of fiscal 2004. Revenue for this year's third quarter increased 22% to $28.8 million from $23.6 million for the same period last year.
Rental and lease revenue for this year's third quarter increased 11.2% to $18.9 million from $16.9 million for the third quarter of fiscal 2004. Equipment sales and other revenues increased to $9.9 million, compared to $6.6 million last year, primarily due to an early lease termination and related buyout transaction by a data products customer.
Nine Month Results
For the nine months ended February 28, 2005, net income increased 133% to $18.8 million, or $0.74 per diluted share, which included $1.8 million (pre-tax) related to funds received from a class action lawsuit. This compares to net income of $8.1 million, or $0.32 per diluted share, for the first nine months of fiscal 2004. Revenue increased 16% to $81.9 million from $70.4 million for last year's first nine months.
Operating income for the nine month period in fiscal 2004 was affected by a $2.3 million accrual related to the retirement of a former officer, partly offset by a $1.2 million benefit from the reversal of certain accounts receivable credits. For the three and nine month periods in fiscal 2005, income taxes were reduced by $0.7 million and $1.4 million, respectively, due to a change in estimated tax liability.
"The improvement in economic conditions continued to have a positive influence on our business in the third quarter, as did the investments we made during the past couple of years to increase our operating efficiency and improve customer service," said Chairman and Chief Executive Officer Daniel Greenberg. "Return on average equity exceeded 14% for the first nine months of fiscal 2005, compared to just 4.2% for the same period of fiscal 2004, marking the attainment of a key profitability benchmark for the first time in a number of years. To support our objectives for long-term growth, we are aggressively pursuing a number of initiatives that we hope will begin to bear fruit for the company in fiscal 2006."
Greenberg continued, "Although the large early lease termination and buyout transaction helped us achieve higher revenue and net income for this year's third quarter, it will reduce future monthly lease revenue by $0.3 million. Still, rental and lease activity for test and measurement equipment continued to expand at a moderate pace, compared to the same periods a year ago. Reflecting this growth and the improvement in utilization and pricing associated with it, purchases of new equipment in this year's third quarter continued to grow versus last year's third quarter, as we addressed our customers' current requirements and prepared for emerging opportunities we see on the horizon. With more of our rental assets productively employed, there is less equipment available for sale and we expect equipment sales to decline in importance compared to recent years."
Equipment purchases totaled $11.2 million for this year's third quarter and $45.2 million for the first nine months of fiscal 2005, compared to $9.7 million and $32.9 million for last year's third quarter and first nine months, respectively. Cash and marketable securities were $82.2 million at February 28, 2005, compared to $82.2 million at May 31, 2004, and $75.0 million at February 29, 2004. The book value of Electro Rent's equipment pool rose to $109.0 million at February 28, 2005, compared to $96.3 million at May 31, 2004, and $86.4 million at February 29, 2004.
Electro Rent has no debt, and its shareholders' equity at February 28, 2005, was $189.0 million.
About Electro Rent
Electro Rent Corporation (www.ElectroRent.com) is one of the largest nationwide organizations devoted to the short-term rental and leasing of personal computers, servers and general purpose electronic test equipment.
Electro Rent Corporation Daniel Greenberg, 818-786-2525 or Berkman Associates (Investors) Neil Berkman, 310-277-5162 info@BerkmanAssociates.com
Fitch Rates CIT Equipment Collateral 2005-VT1
CHICAGO--(BUSINESS WIRE)----Fitch has assigned ratings to the CIT Equipment Collateral 2005-VT1 (CITEC 2005-VT1) notes as follows:
-- $205,000,000 class A-1 notes 'F1+';
The class A ratings reflect credit enhancement (CE) provided by the subordination of the classes B (2.25%), C (2.00%), and D notes (3.50%) and the initial cash collateral account (7.75%). The class B rating reflects CE provided by the subordination of the classes C and D notes, and the cash collateral account. The class C rating reflects CE provided by the subordination of the class D notes and the cash collateral account. The class D rating reflects CE provided by the cash collateral account. The ratings address the payment of interest and principal in accordance with the terms of the legal documents.
The underlying pool of contracts backing the CITEC 2005-VT1 notes consists of equipment lease contracts on new and used technology and other small-ticket equipment originated or acquired by the commercial business units of the Specialty Finance segment of CIT Group Inc (CIT). The initial contract principal balance is approximately $803 million. The pool contains 61,944 contracts, with the major equipment types being computers, telecommunications, and office equipment.
In determining CE levels, Fitch took into consideration performance of CIT's past securitizations, as well as its total managed portfolio. Through this analysis, Fitch was able to isolate the historical performance of collateral types relevant to the CITEC 2004-VT1 transaction, while taking into account CIT's low level of annualized losses. In addition, Fitch considered the overall strength of CIT and its relationships with entities such as Dell, Inc. Ultimately, CE levels were sized to withstand multiples of historical losses at each rating level over the life of the transaction.
CIT Group Inc. is a leading diversified finance company engaging in vendor, equipment, commercial, consumer and structured financing, and leasing activities. CIT is rated 'A' by Fitch.
CITEC 2005-VT1 is the eighth securitization of CIT's technology assets since its acquisition of Newcourt Credit Group, Inc. in November 1999.
Fitch Ratings Brigid Keyes, 312-606-2361 John Bella, Jr., 312-368-2058 Sandro Scenga, 212-908-0278 (Media Relations)
GATX Corporation Promotes Walsh to Head Of Originations
CHICAGO--GATX Corporation (NYSE:GMT) y announced that Jeffrey D. Walsh will serve as Managing Director for Industrial Equipment Finance (IEF) in GATX's Specialty Finance unit. Mr. Walsh moved from GATX Rail's Structured Rail Finance group to head the IEF team and has over 17 years of sales management and deal originations experience within the industry.
IEF specializes in lease financing for targeted, long-lived asset classes, through direct originations, lease participations, sale/leasebacks and secondary market transactions.
Curt F. Glenn, Executive Vice President - Specialty Finance, said "The current economic expansion is increasing the need for equipment acquisitions and upgrades in North America's industrial sectors. GATX has served its customers in these markets through our asset knowledge and experience, and the addition of Jeff will enhance the dedicated IEF team and increase our availability to these industries."
GATX Specialty Finance has over $1.1 billion in assets under management, both for its own account and for third-party owners.
GATX Specialty Finance is a division of GATX Financial Corporation, a wholly owned subsidiary of GATX Corporation (NYSE:GMT). GATX is a specialized leasing company combining asset knowledge and services, structuring expertise, partnering, and capital to provide business solutions to customers and partners worldwide. GATX provides lease financing and related services to customers operating rail, air, marine and other targeted industrial equipment assets.
Investor, corporate, financial, historical financial, photographic and news release information may be found at www.gatx.com.
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New-Home Sales Rose 9.4 Percent In February
Mortgage rates rise for sixth week
General Electric Raises First-Quarter Forecast
Factories see orders for big-ticket goods rise 0.3 percent in February
Mikalah Gordon Knocked Off 'American Idol'
Paula Abdul Fined After Hit-And-Run Charge
“Gimme That Wine”
`Grape Man of Texas' wins international honor
Chateau Montelena defends itself
This Day in American History
1634- Lord Baltimore arrived in Maryland. http://memory.loc.gov/ammem/today/mar25.html
NCAA Basketball Champions This Date
Is this thy body, risen Christ,
From now through all eternity
Thy glory, Christ, I cannot bear,
Christ is arisen:
( a collection of anonymous poems )