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Kit Menkin’s Leasing News www.leasingnews.org Thursday,
October 3, 2002 Accurate, fair and unbiased news for the equipment Leasing
Industry Wednesday’s Leasing News posted www.leasingnews.org
at 10:20am PDT ---------------------------------------------------------------------------------- Pictures from the Past
--------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Classified Ads---- "I have placed an
ad in the leasing news for several weeks now and quite impressed with
the results. We receive at least
two resumes per day and the quality of these individuals is consistent. To date, we have brought on one individual
and always looking for more quality people." Credit: Chicago, IL "ELA" I am looking for a middle market credit person for the Chicago
area. No relocation. My # is 914-524-0301x114 Email:hgolden@tmdg.com Sales: Pleasant Hill, CA "UAEL" Brokerage firm with excellent funding sources seeks 2 sales
professionals for small ticket market. Aggressive commission split and
excellent sales support. No geographic restriction. Email:sgalop@sfccg.com Sales: Tucson, AZ "NAELB" Lease $mart offers generous commissions, competitive rates
and attractive marketing programs, consistent credit, professional support
staff. Health Insurance & investment opportunities.Email:careers@lease-smart.com Sales: Woburn, MA "UAEL" Sales Professionals wanted for Inside opportunities(MA.),
and remote Acct. Manager openings Nationally. Excellent base salary, commission
plan and full benefits. Email:Noiel.Fontaine@Leasecomm.com for full list, please
go here: http://65.209.205.32/LeasingNews/JobPostingsWanted.htm ------------------------------------------------------------------------------------------------- Last
Day to Make S.F. Conference ELA
Roster Oct 13-Columbus
Day-October 14 San Francisco Marriott Today is the last
day to be included in the convention roster, “ the unofficial "Who's
Who" of the leasing industry,” as Sally Maloney calls it SMALONEY@ELAMAIL.COM http://www.elaonline.com/events/2002/annconv/ The on line register was closed on September 10: This is
the “lite” version. Those who attend the conference can see the full version
with addresses, telephone numbers, e-mail, and other information. http://www.elaonline.com/events/2002/annconv/attendees.cfm ----------------------------------------------------------------------------------------------
Headlines— New---"Equipment Leasing Association
Serving Women." Guardian
Financial President Wants His Pardon Back The
Funding Tree Now Located in Nevada
Port
Lockout Takes Toll on Truckers Industry
Asks Bush to End Port Shutdown; Talks Resuming
Hurricane Lilli a "5"?--Navy Takes
to Sea 3
Fed Officials Say Rates Are Low Enough Econocom
Group Acquires Existing Shares of Comdisco France Auto
Leasing Volume Drops 40%(Association of Consumer Vehicle Lessors) Ingram
Micro selects Alliance Financing for Canada Development Kentucky
wineries given formula for winning customers Back
on Line (except to those using PacBell and a few others) ####### Denotes Press Release ========================================================== Correction: The caption under Dean Cox, CLP stated he was
Chief Financial Officer. That is
incorrect; he is the Chief Operating Officer. “Someone alerted me to your Pictures From the Past feature
in today's issue of your newsletter. You
might want to review your source material. I have never been Balboa's CFO, I worked for Pacific Enterprises
Leasing Company in the Fall of 1990, and I am much better looking than the person
in the photo.” Regards, Dean Cox (Please send a current photo as we will let the reader’s
give you an opinion.. The story
and picture came from the Fall edition of the United Association of Equipment
Leasing News line, News & Notes, year 2000. Editor ) ========================================================== ### ################################################## New---"Equipment Leasing Association Serving Women." The Lessors Networking Association To Establish "Women
In Leasing Forum" (Network Newswire) - Atlanta, GA - The Lessors Networking
Association (the "Lessors Network")has announced plans to establish
a forum for women active in the equipment leasing industry. The numbers of women choosing a career path in the equipment
leasing industry have experienced substantial growth. Until now, these
industry professionals have not enjoyed the benefits of a professional
association providing programs and services specific to their personal
and professional growth. By establishing the Women In Leasing Forum, the Lessors Network
will develop a platform for what is expected to evolve into a separate
equipment leasing association serving women. #### ###################################################### Guardian Financial President Wants His Pardon Back (mentioned in Commercial
Money Center stories ) http://www.leasingnews.org/Conscious-Top%20Stories/CMC_stories.htm By Dale Brazao and Patricia Orwen Toronto Star STAFF REPORTERS A former Brampton millionaire, once labeled one of Ontario's
worst deadbeat dads, is embroiled in a court fight that could end in his
deportation from the United States. Blaine Tanner received a pardon in Canada on various criminal
charges on June 17, 1999, but he had failed to tell the National Parole
Board about a 1993 conviction for income tax evasion. Tomorrow, his lawyer Brian Greenspan will argue before a
Federal Court judge in Toronto that Tanner did not mean to mislead the
federal parole board when he applied for his pardon. He simply did not realize that his conviction for income
tax evasion — arising out of a fraudulent claim for $1.3 million in tax
credits — was a criminal offence, Greenspan will argue. The parole board revoked Tanner's pardon in August, 2000,
saying he had obtained it "under false pretences." Tanner deliberately concealed his income tax conviction and
had not paid the $100,000 fine that accompanied his six-month jail sentence,
the parole board says in documents filed with the federal court. Greenspan argues that Tanner's failure to include his income
tax conviction was "not deliberate concealment, but reflected a genuine
belief that it was simply not a criminal conviction." Tanner, 49, who moved to Cleveland after marrying prominent
civil rights lawyer Ellen S. Simon in December 1997, was the subject of
a Star investigation on deadbeat dads in March, 2000. At the time, he was involved in a bitter battle with his
ex-wife, Pamela Tanner, over the more than $500,000 he owed in child support.
Two of their children had such physical and emotional problems that the
family qualified for provincial disability benefits, according to the
Ontario government. The province considered Blaine Tanner, who had been ordered
to pay $4,000 a month in child support in 1991 but had not paid a cent
at the time, one of the worst of the some 128,000 deadbeat dads in the
province, according to Ontario's Family Responsibility Office. The offences covered by the pardon included convictions in
1975 for break enter and theft, and fraud, and a conviction in 1988 for
making a false statement on a grant application under the province's small
business development program. But Tanner, who now runs the multi-million-dollar Cleveland-based
Guardian Financial Group, neglected to tell the parole board about his
guilty plea on Sept. 24, 1993, to evading $360,000 in income taxes. Tanner was charged after a Revenue Canada audit of his Brampton
company, Pioneer Plastics and Services Co. Ltd., turned up some $720,000
in fraudulent expenditures in a 1984 claim of $1.3 million for scientific
research tax credits. Revenue Canada discovered that Tanner had used two other
companies that he controlled to create false documents in order to support
the claim. He was sentenced March 1, 1994, to six months in jail, and
ordered to pay a $100,000 fine, or serve another six months. Tanner was
released after serving two months in jail, but had not yet paid the fine
when he applied for the pardon in April, 1998. That made him ineligible to apply. And had he disclosed his
conviction and unpaid fine, he would never have been pardoned in the first
place, the parole board says. If he loses the fight to get his pardon back, Tanner could
be deported. Anyone who immigrates to the United States and is later found
to have a criminal record in another country could be at risk of deportation,
says Jerry Heinauer, district director of the U.S. immigration and naturalization
service in Omaha, Nebraska. "It would all depend on the kind of crime that was committed
and how many convictions there were," says Heinauer. "If someone
were convicted on three different occasions, that would be more significant
than if the convictions were arising out of one incident. "We very well may consider instituting deportation proceedings
if the person was not eligible for an immigrant visa at the time it was
issued." American authorities began looking into Tanner after The
Star investigation was published March 4, 2000. They wanted to know how he entered the country and what he
declared on his application for permanent resident status, which he has
since obtained, along with his green card allowing him to work in the
U.S. Shortly after The Star story appeared, Tanner had a change
of heart about his child support obligations. He cut his former wife a
cheque for $130,000, and agreed to pay another $120,000 in arrears along
with $1,975 a month in child support. Tanner also rushed to pay the $100,000 tax evasion fine,
but it was too late. The parole board was already moving to revoke his pardon,
and did so on August 4, 2000, despite Tanner's appearance before an adjudicator
in Kingston to plead his case. It is this decision that Tanner is appealing, by way of a
judicial review. He is asking the judge to reinstate his pardon on the
grounds that the parole board adjudicator "erred" in not accepting
his explanation. In his affidavit, Tanner says he didn't fess up to his income
tax rap because he didn't think he had to. He maintains he didn't know
that a summary conviction under the Income Tax Act was a criminal conviction,
because it was not listed in a copy of his criminal record he obtained
from the Royal Canadian Mounted Police in 1997. "Although I was aware that I had been convicted on September
24, 1993, and sentenced on March 1, 1994, under the Income Tax Act, I
did not understand that to be a criminal conviction for which a pardon
applied," Tanner says in his affidavit. "In light of the response from the RCMP with respect
to my criminal record, my understanding was reinforced that I did not
believe that an offence under the Income Tax Act was relevant or in any
way related to my pardon application." Justice department officials said they can't explain how
Tanner's conviction in Brampton court in 1993 was not entered in CPIC,
the Canadian Police Information Centre maintained by the RCMP. Rochelle Patenaude, a spokesperson for the Mounties, says
it is up to each Canadian court to report convictions to the federal force,
and reporting systems vary from one jurisdiction to another. A spokesperson for the parole board said that less than one
per cent of all pardons are revoked and that most of those revocations
are due to someone re-offending. Tanner's Guardian Financial Group of companies is being sued
by several banks in Cleveland who allege he defaulted on multi-million-dollar
loans. The Funding Tree Now Located in Nevada In the last episode, Kendra Bernal had resigned, a new president
was named, and according to the attorney of record, the hearing before
the California Department of Corporations was cancelled. The corporation did not have a Finance Lender’s License to
conduct business, and further was ordered to desist. The Funding Tree was appealing, until Kendra Bernal was arrested for violating parole. It appears The Funding Tree has moved to the State of Nevada,
where a license is not required. Leasing News has two complaints, one in
Maryland, the other in Kentucky, where advance rentals have been paid, one where
the vendor has not been paid for the limousine, but leasing payments
were taken out of the lessee bank by ACH. It these two matters are “settled,” they most likely will
not appear again in the Bulletin Board. For previous episodes, please go to: http://www.leasingnews.org/Conscious-Top%20Stories/fundingTree_stories.htm -------------------------------------------------------------------------------------------------- Port Lockout Takes Toll on Truckers By Paul Wilborn Associated Press Writer LOS ANGELES –– Unable to move any cargo for days, thousands
of independent truckers are waiting around at transfer stations and hoping
their money lasts longer than the shutdown at the nation's West Coast
ports. "I'm going to have to start figuring out ways to make
some money soon," said Jorge Ramirez, 41, a short-haul trucker with
a wife and four young children. "It's better to be your own boss,
but right now there is no dinero. My wife is worried, I'm worried." Some of the lockout's swiftest and sharpest economic blows
have fallen on the thousands of independent truckers who usually spend
10 or more hours a day shuttling tons of cargo between the ports and transfer
stations. But the longshoremen are unable to load or unload any cargo. In Southern California alone, more than 12,000 rigs operated
by those short- haul drivers and small companies were parked at cargo
transfer stations throughout the region Wednesday. Fearful of run-ins
with picketing longshoremen, the truckers avoided the docks. The lockout is particularly damaging to independent truckers
because they need to keep up with truck payments, insurance bills and
other expenses even their income is shut off. Bankruptcies are common
even in normal times for the drivers, many of whom are immigrants who
earn between $850 and $1,250 a week. Ramirez and more than 100 other drivers waited Wednesday
at Price Transfer, a few miles from the ports of Long Beach and Los Angeles.
Their rigs were parked alongside huge shipping containers packed with
everything from cereal to fabric. A refrigerated warehouse at the site
was filled with frozen meat and other perishables awaiting shipment. "These trucks would normally be out of here by 6 a.m.
and making three to four trips during the next 10 hours between the port
and waiting customers," said dispatcher James Luzanilla. "This
is the bottleneck. There's no place to go." Cerafin Rivera, who has trucked lemons to Los Angeles-area
warehouses for 12 years, said he understands the dockworkers' position
but also needs to support his wife and two children on the $250 a day
he earns. "I know they have to fight, but I have work to do,"
he said. Industry Asks Bush to End Port Shutdown; Talks Resuming By STEVEN GREENHOUSE AKLAND, Calif., Oct. 2 — Industry groups representing hundreds
of businesses called on President Bush today to use his emergency powers
to reopen 29 West Coast ports closed in a contract dispute, as the longshoremen's
union and port operators agreed to meet with a mediator today. The West Coast Waterfront Coalition, which represents companies
that rely on imports, including Wal-Mart, Kmart, Target, Toyota and Panasonic,
sent Mr. Bush a letter calling for immediate action to open the ports,
which handle $300 billion in cargo a year. "We implore you to take
whatever steps are necessary to reopen the nation's West Coast ports,"
the coalition wrote. "While we have always favored mediation, we
believe some action must be taken before the economy suffers further damage.
We strongly urge you not to delay in your actions, as each day imposes
hardships and costs on a wide range of American industry, their customers,
their employees and their shareholders." Under the Taft-Hartley Act, the president can order work
to resume in an 80- day cooling-off period in labor disruptions that endanger
"the national health or safety." With the ports shut since last weekend, many businesses say
they are already hurting. Chiquita is worried about a boatload of bananas
that has not been unloaded, while political leaders in Hawaii are voicing
fears about obtaining basic supplies from the mainland. Officials at an
auto assembly plant run jointly by General Motors and Toyota in the San
Francisco Bay area said it will shut down today due to a short of engines
and parts sitting in containers, idling 5,100 workers in Fremont, California. A federation of trucking groups has officially written the
president, urging him to reopen the ports, a day after the National Retail
Federation made the same request. Officials with the American Farm Bureau
Federation said they were asking other farm groups to sign a draft letter,
to be sent to the White House that urges the president "to pursue
all options available to you to reopen the ports and force a resumption
of shipping." Several studies estimate that the shutdown is costing the
nation's economy $1 billion a day. But escalating calls for federal intervention could create
political difficulties for Mr. Bush. Organized labor strongly opposes
White House intervention to reopen the ports at a time when the president
and Congressional Republicans are vigorously courting several large labor
unions. At a news briefing, Ari Fleischer, the White House spokesman,
was repeatedly asked about Mr. Bush invoking the Taft-Hartley law and
responded that the administration was considering all its options. As President Bush did on Tuesday, Mr. Fleischer urged the
two sides to work with a federal mediator to resolve their differences. "What's important is that this does have the risk of
impacting and hurting the economy," Mr. Fleischer said. After port operators urged the International Longshore and
Warehouse Union to use a mediator, the union agreed late Wednesday to
use a mediator when talks resume today. The Pacific Maritime Association, which represents shipping
lines and terminal operators, closed the ports and locked out 10,500 longshoremen
on Sunday night after complaining that the workers were engaged in a slowdown.
The longshoremen said they were working more slowly because they were
taking precautions for safety after five longshoremen died this year. Both sides agree that the major issues are management's effort
to introduce new technology to speed cargo handling and the union's demand
to retain many jobs under its jurisdiction. The nation's top labor leaders vigorously urged the president
not to invoke Taft-Hartley. James P. Hoffa, president of the International
Brotherhood of Teamsters, the union that Republicans are courting most
vigorously, said, "We strongly oppose any decision to impose Taft-Hartley
in this situation or the use of federal troops to replace the locked-out
workers. Such actions would be viewed as open union-busting by the Teamsters
and all of labor." Richard Trumka, the A.F.L.-C.I.O.'s secretary-treasurer,
said that the labor federation "is opposed to government intervention
in the lockout at the West Coast ports." A factor complicating White House deliberations is that even
if Mr. Bush orders the ports reopened, it would be hard for him to ensure
that the longshoremen do not resume a slowdown. A leading California Democrat
with close ties to organized labor asked Mr. Bush to order a cooling-off
period because of growing concern over economic damage to their state.
Senator Dianne Feinstein, Democrat of California, said that if the two
sides failed to agree to reopen the ports by the end of the week, Mr.
Bush should invoke Taft-Hartley. "With our nation in the economic
doldrums and at the brink of war, we cannot afford to have this dispute
cause further damage to our economy," she said. James Spinosa, president of the longshoremen's union, denounced
the idea of a cooling-off period, saying it would be a union-busting technique.
Unions traditionally oppose back-to-work injunctions because they have
been used to weaken labor's hand. Tom Edwards, the Northern California director of the Maritime
Association, said his group was not calling for a cooling-off period.
"Our desire is to negotiate an agreement with the union that would
not require the use of such an injunction," he said. ------------------------------------------------------------------------------------- Hurricane Lilli a “5”?---Navy Takes to Sea My son “Dash” sent me an e-mail Lilli maximum sustained winds
were calculated above 145mph, with higher gusts expected. His ship the USS Pebble was ordered to sea from their port in Mississippi,
as it was safer in the Gulf Sea than staying at port. He said as they
were shipping out, winds were already 60 mph yesterday afternoon.. The Navy believes the hurricane could become a category “5”.,
he said, making it a major hurricane of
proportion not seen in the area in recent time. http://www.weather.brockport.edu/cgi-bin/hurricane?time=Today http://grads.iges.org/pix/avnsr.fcst.html http://www.weatherimages.org/weathercams/usa.html#LA http://www.wunderground.com/US/Region/US/IRSatellite.html (Fort Polk where I went for Basic Training— http://www.wunderground.com/US/LA/Fort_Polk.html
) Kit Menkin --------------------------------------------------------------------------------------- 3 Fed Officials Say Rates Are Low Enough By BLOOMBERG NEWS WASHINGTON, (Bloomberg News) — Three Federal Reserve Bank
presidents said today that interest rates were low enough to keep the
economy expanding through a tepid recovery. A 41-year low in the Fed's benchmark overnight bank rate
will ensure a "plodding recovery," said Jack Guynn, president
of the Federal Reserve Bank in Atlanta. J. Alfred Broaddus Jr., the president of the Federal Reserve
Bank in Richmond, said that people should not "expect too much from
monetary policy to steer the economy." And Robert T. Parry, president
of the bank in San Francisco, said the current level of interest rates
would give the economy the lift it needed without inflation. In separate speeches today, the three Fed officials, none
of whom currently vote when the Federal Open Market Committee sets rates,
signaled that while business spending on new equipment needed to increase,
the 11 rate reductions since the start of last year needed time to work
through the economy. "The Fed has been trying to facilitate the transition
from recession to recovery by aggressively cutting the Fed funds rate,"
Mr. Guynn told a Rotary Club in Columbus, Ga. "Even with the current
accommodative stance of monetary policy, the other thing we need right
now is patience." Mr. Guynn said he did not think that lower interest rates
would cure problems like the decline in investor confidence and excess
capacity, which both appear to be hampering the recovery. The Fed will be watching, he said, to see whether businesses
are investing more and whether inventories are rising to meet demand. "I think the most likely path over the next year or
so will be one of moderate growth," Mr. Guynn said. "I realize
this may not sound so great, compared to the outsized gains we witnessed
in the late 1990's, but it ought to be a good bit more sustainable." Mr. Parry said in a speech in San Francisco that there was
still "a lot of uncertainty about the strength and durability of
the expansion." But he added that the current level of interest rates
was appropriate and likely "to promote the economy's expansion while
maintaining the favorable rates of core inflation we've seen latterly." While Mr. Broaddus said companies were "pretty pessimistic,"
he pointed to a "few glimmers of light," like a second-quarter
increase in investment in software and equipment. "All this suggests that business firms may now be positioned
to loosen their purse strings a little," he said, "even if the
economy continues to grow at a moderate pace." He addressed the Baltimore
Security Analysts Society. A decline in consumer confidence, Mr. Broaddus said, has
not had a "strongly negative impact on household spending." Mr. Guynn was less upbeat, noting that consumer spending,
adjusted for inflation, had "moderated considerably." "The
latest numbers," he said, "suggest that consumers are adjusting
to lower expectations of real income gains." All three policy makers said a lack of job creation, war
with Iraq and a sustained decline in stocks could further undermine the
economy. -------------------------------------------------------------------------------------------- ######### ################################################ Econocom Group Acquires Existing Shares of Comdisco France Memphis, TN Econocom Group, a European IT asset management group, announced
that on October 1, 2002, it had signed an agreement with Comdisco Global
Holding Company Inc. to acquire all the existing shares of Comdisco France. This agreement, which is subject to the approval of antitrust
authorities, will allow Econocom to significantly extend its Financial
Services activity in France. For its fiscal year ended September 30, 2002, Comdisco France
reported revenue of 120 million euros, with 70 employees serving 400 clients
in France and in Europe. Econocom Group anticipates 2002 revenue of 1 billion euros. Econocom Group is a publicly-traded (Brussels Bourse: ECON)
Belgian chartered leader in IT asset management with three business activities:
Financial Services, Products and Solutions, and Network Services.
With over 2,000 employees in 10 countries, Econocom Group serves
over 10,000 clients in Europe and the United States.
Its US company, Econocom-USA, Inc., is a wholly-owned subsidiary
of Econocom Group. Based in Memphis, Tennessee, Econocom-USA specializes
in technology finance, global fulfillment and e-business services and
has installations present in 40 states. CONTACT: Johanna
L. Burkett Director of Marketing and Communications e-mail: jburkett@econocomusa.com ########## ################################### ################### Comerica credit outlook lowered after it lowers earnings
projections, plans to restate 2Q results By Katie Merx Craine's Detroit.com Standard & Poor’s Rating Services on Wednesday revised
its outlook on Comerica Inc. to negative from stable after the Detroit-based
bank-holding company revised its third-quarter earnings expectations and
announced that it plans to restate its second-quarter earnings. Comerica (NYSE: CMA) announced that it would record a $328
million charge for credit losses and a write-down on the value of money-management
subsidiary Munder Capital Management. Comerica reported that it would increase its loan-loss reserves
above those for which it originally planned by $207 million in the third
quarter and $40 million in the second quarter. The increase in provisions
also is accompanied by a significant increase in loan chargeoffs. After taxes, the write down was $213 million or $1.21 per
diluted share. Comerica reported that about $26 million of that, or 15
cents a share, would be charged to second-quarter earnings. The bank reported a charge of $56 million or 31 cents a share
to account for reduced goodwill value of Munder, which has suffered from
the stock-market downturn. The bank said that would reduce second-quarter earnings to
$161 million or 90 cents a share, compared with previously reported earnings
of $184 million or $1.03. Comerica announced that it expects the charge to reduce its
projected full-year earnings from its previous estimate of $1.21 a share.
Comerica now expects earnings to range from $3.40 a share to $3.50 a share
for the year. Comerica’s stock price tumbled on the news to a closing price
Wednesday of $40 per share from $50.19 per share at close Tuesday. ############## ################################################ (Association of
Consumer Vehicle Lessors) NASHVILLE, Tenn.-- The events of September 2001 had a significant
impact on auto leasing, contributing to a 40% decline in new lease volume.
In addition to the substantial reduction in volume, the industry
continued to feel the effects of historically high residual value losses. The most significant leasing change is the decline in new
leases of 40% from 2000 to 2001 for retail lessors who reported in both
years. Since the decline in new vehicle sales was
only 1.3%, the decline was the result of lower leasing penetration rather
than lower overall sales. There are three causes for this drop. First, the zero percent promotional retail
rates provided by the manufacturers after September 2001 attracted many
customers to purchase financing over leasing.
Second, the reduction in leasing residual forecasts substantially
increased many lease monthly payments, reducing the product's attractiveness.
Finally, volume dropped due to fewer manufacturer lease promotions,
and the retraction of some bank lessor programs by withdrawing from some
states. The weighted average length of new vehicle leases increased
by almost 3 months in 2001 to 42.1 months compared to 39.3 months in 2000,
according to the ACVL study. Bank
lessors had an average term of 53 months, compared to a weighted average
of 38 months for manufacturer captive finance companies. This reflects
both the attempt to gain more affordability through longer terms and the
recognition of the higher residual value risks of shorter term leases. Looking back four years to 1997, the average lease length
was just over 32 months and the 24- and 36-month terms were dominant,
according to the ACVL, whose members write four out of five consumer vehicle
leases in the United States each year. "In the last four years, the market has almost totally
switched away from 24-month leases. The
manufacturer captive lessors' average term was over 41 months (compared
to their weighted average of 38.1 months), indicating that most captives
are writing almost as many 48-month leases as 36-month leases. For banks,
the average term of 53 months indicates that the 60-month term has surpassed
the 48-month term in popularity," said Jesse Bragg, President of
ACVL. Security deposits are also required less frequently than
a few years ago, the ACVL survey showed.
What was a universal requirement only a few years ago is now the
exception rather than the rule. In
2001, security deposits were required on just 35% of new leases written
by ACVL members. This change was
driven by finance company lease loyalty initiatives and an effort to offset
the competitive impact of the low-rate retail financing programs. After experiencing very large residual losses in 1999 and
2000, lessors had hoped that the worst was over. However, there was a 10% increase in the weighted average residual
loss in 2001 to $2,429 compared to 2000. For the average lessor, the average end-of-term loss on returned
vehicles rose to a historic high of $2,661. "Now more than ever, it's important that consumers be
informed about the benefits and responsibilities of leasing before they
decide whether to lease or buy," said Bragg. "A major part of our mission at ACVL is to provide consumers
with the information they need to make informed decisions. Our Web site -- www.acvl.com -- is a good place
to start for those who want to consider leasing among their options." ACVL has conducted its annual member lease survey since 1993.
ACVL members account for approximately 80% of all consumer vehicle
leasing in the U.S. SOURCE Association
of Consumer Vehicle Lessors CO: Association of
Consumer Vehicle Lessors ############## ############################################# Alliance Financing
Group selected by Ingram Micro to develop and manage Leasing Program for
Canada Toronto -- Alliance Financing Group Inc. (TSX Venture Exchange
symbol "YFG") announced today that it has been selected by Ingram
Micro Inc. (NYSE:IM) to provide business leasing solutions through the
Ingram Micro Preferred Leasing program for Canada. The Ingram Micro Preferred Leasing program, set for official
launch in October 2002, is designed to facilitate the acquisition of a
wide variety of Information Technology equipment and software, by Canadian
businesses through Ingram Micro's Canadian Reseller network. Utilizing Alliance Financing's multi-underwriter business
model, coupled with Alliance's comprehensive suite of traditional and
online marketing and delivery systems, the Ingram Micro Preferred Leasing
program will offer flexible terms, rates and payment structures to the
widest possible variety of business customers, in virtually all industry
sectors, and for the widest range of credit profiles.
"Ingram Micro's Preferred Leasing program offers resellers
flexible financing options to increase available credit and maximize business
opportunities, while enhancing long-term customer relationships,"
states Murray Wright, vice president of sales and general manager, Ingram
Micro Canada. Bernie Shimkovitz, CEO of Alliance Financing states: "We
are absolutely delighted to have been selected by Ingram Micro to develop
and manage this exciting program. Our
business model, technologies, delivery systems, and most importantly,
our people, allow us to work with Ingram Micro to offer one of the best
technology financing programs in the marketplace today". About Alliance Financing Group Inc. Alliance Financing is a diversified commercial finance institution
that specializes in providing financing solutions, including leasing,
term lending, working capital products and structured finance/investment
banking, primarily to the SMB (Small to Mid-sized Business) marketplace.
Alliance Financing works within a multi-underwriter platform, providing
a comprehensive suite of financing options available from selected underwriting
partners, which include banks, lessors, and other financial institutions. Its leasing solutions are currently available for both businesses
and consumers and are delivered through traditional bricks and mortar
channels and various Internet channels.
Alliance Financing maintains a "high-tech, human touch"
philosophy; utilizing a combination of proprietary technology - such as
its private labeled online financing tools, selected ASP technologies,
and a dedicated staff of finance professionals to deliver its products
and solutions, through various channel partners as well as directly to
its end-user customers. About Ingram Micro Inc. Ingram Micro Inc. is the leading wholesale provider of technology
products and supply chain management services in the world. With sales of more than $25 billion for the
fiscal year 2001, the company provides the best way to get technology
from the people who make it to the people who use it.
Visit www.ingrammicro.com/corp or Ingram Micro Canada at www.ingrammicro.ca.
For more information about Alliance Financing Group Inc.
please visit www.YourFinanceSource.com, or contact: Bernard Shimkovitz Chief Executive Officer
Alliance Financing Group Inc Tel: 905-660-3660
ext. 225 Toll Free: 877-660-3660
Fax: 905-660-3078
Email: bernie@alliancefinancing
.com ################### ########################################## Kentucky wineries given formula for winning customers By Bruce Schreiner, Associated Press MIDWAY, Ky. (AP) Bill Longarzo emerged from the wine-tasting
room at Equus Run Vineyards clutching a bottle of reserve cabernet sauvignon.
''I found it very pleasant,'' the former Army officer said
of his selection. ''And the fact that it's a local vintage makes it more
appealing.'' For Longarzo and hundreds of others who came to this winery
in Kentucky's horse country on a recent evening, the experience was about
more than just wine. They ate a buffet meal, listened to a local band,
and strolled the willowy grape vines and winemaking facility on the one-time
tobacco farm. Kentucky winemakers are being encouraged to market their
operations as tourist attractions to squeeze profits from a highly competitive
industry dominated by brands from California and Europe. Longarzo, of Lexington, was part of a gourmet group that
made the short journey past picturesque thoroughbred farms and rustic
stone fences to attend the finale of Equus Run's summer concert series.
The winery plays up the area's equine tradition. Equus is
Latin for horse. And the winery sits next to a thoroughbred farm in Woodford
County. ''People love the experience of being close to thoroughbred
country, enjoying the ambiance of a vineyard and sipping the product,''
said vineyard owner Cynthia Bohn. ''They get to see it from soil to shelf.''
The Napa Valley region in California drew 2.5 million visitors
in 2000, according to a California consulting firm that assessed the potential
for Kentucky's industry. Closer to Kentucky, several dozen wineries in
Missouri attracted the same number of visitors, the report said, while
425,000 people visited 25 wineries in Indiana. One suggestion is that Kentucky promote a trail for wine
enthusiasts to follow from vineyard to vineyard. But the industry needs
to sprout a bit more, said David Loney, president of the Kentucky Vineyard
Society. ''There are a couple more dots that need to be filled in
before we can connect them into a wine trail that makes a pleasant day
trip,'' he said. Eight wineries produced more than 4,700 cases of grape wine
in Kentucky last year, and three more wineries have opened since then,
said Gerald Dotson, director of value-added foods for the state Agriculture
Department. By 2007, homegrown wine production is expected to reach nearly
34,000 cases in Kentucky, or about 2 percent of the state's wine sales.
Grape growing for wine has deep roots in the rich Kentucky
soil. The nation's first commercial vineyard was planted in Kentucky in
1798 by Jean Jacques Dufour, winemaker for the Marquis de LaFayette. By
1860, Kentucky was the third-largest wine producing state. The tradition
withered with Prohibition, when grapevines were ripped from the ground.
Re-establishing the industry has been slow, with inexperienced
growers and a lack of winemaking knowledge seen as the biggest hurdles.
The consultant recommended that the state hire an enologist
and a viticulturist to assist Kentucky vintners and growers. The state
had a viticulturist until funding for the position lapsed, Dotson said.
Grape vines can thrive in Kentucky's soil and climate, Dotson
said. One drawback is the humid summers that can spawn plant diseases,
prompting greater use of fungicides than in other places, he said. Bohn spent seven years taking classes and talking to consultants
before starting the vineyard. The preparation has paid off. After four
years of production, Equus Run has already won gold medals in competitions
on both coasts, beating many well-known brands. The vineyard is also reaping
robust profits, Bohn said. Kentucky grapes are grown on small plots, just like tobacco.
The potential exists for tobacco farmers to convert land to vineyards,
though the general lack of experience and expertise is a drawback, Dotson
said. ''Grape growing is a very labor-intensive business,'' he
said. ''But because tobacco farmers have the machinery and know-how to
use the pesticides it can be a perfect fit for some of them,'' Dotson
said. Bohn's blueprint includes more growth. The winery's production
will more than double to an expected 10,000 cases in 2004, she said. In
November, ground will be broken for a 1,400-seat amphitheater. Last year, 14,000 people visited the tasting room at Equus
Run, a figure already exceeded this year. Guests are invited to pack a
picnic for the vineyard or to fish bordering Elkhorn Creek for smallmouth
bass. On the Net: Equus Run Vineyards: http://www.kyvine.com ________________________________________________________ Back on Line (except to those using PacBell and a few others
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