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Kit Menkin Leasing News
supplies businesses and consumers with information about
the leasing industry. We have independent,
unbiased, accurate, and fair news about leasing. Feel free to browse our site and learn everything
you need to about leasing.
Wednesday,
April 2, 2003
Headlines---
Pictures from the Past---1991---WAEL Past
Presidents
Classified
Ad----Help Wanted-Chase Industries
Microfinancial
Files 15 Day Filing Extension
Leasing
Association Membership Dramatically Down
--by
Christopher Menkin
“Why
I won't Join a Leasing Association”
--by
Name With Held
Lessors
Network Closes 2003 Membership Season
Operation
Just Cause Yellow Ribbon Campaign
Lease
Plus---Accounting Software
Only
28 Days Until UAEL's Spring Educational Conference
Edwin
C. Siegel, Ltd Advertisement
Bonds
to Fund Car-Value Guarantees
Senators
Want Permanent Tax Free Internet
US Markets, Inc Signs Captive Capital
De
Lage Landen names Rita Di Martino EVP & COO
This Border #####
Denotes Press Release (Not Written By Leasing News)
-------------------------------------------------------------------------------------------
Pictures from the Past---1991---WAEL Past Presidents
http://two.leasingnews.org/imanges_uael_wael/WEAL_past_presidents.jpg
“Pictured here is some of the Western Association of Equipment
Leasing
Past President who were honored during special recognition
ceremonies in commemoration of WAEL’s Fifteenth Anniversary---the Crystal
Celebration.
Conference Chairman Peter Eaton, CLP, First National Leasing
Corporation(center) joins Past Presidents (l to r) Jim Possehl, CLP,
President Republic Financial Corporation(1989), President Steve Dunham,
Leasing Associates (WAEL’s first President—1974); Bob Jacobson, III,
CLP, Consultant (1984 president); Eaton (1994 president); Ted Parker,
CLP, LSA West Capital Corporation (1986 President): and Steve Head,
Interbank Leasing Corporation (1977 President).”
Classified Ad----Help Wanted—
We’re repeating this from yesterday. The first six stories were “April Fools.”
Several readers thought they were “real.” We are not going
to re-print their
questions and comments, but the Chase Industries classified
ad was real---
not one of the April Fool’s stories with pictures that we
reported yesterday.
About Chase Industries, incorporated in 1993,
currently has six regional offices throughout the United States. We
work to provide a straightforward - honest approach to offering the
best financial services to our vendors and their customers - without
all the surprises. www.chaseindustries.com
-------------------------------------------------------------------------------------------------
Microfinancial Files 15 Day Filing Extension
Microfiancial/Leasecomm, who specialized in micro leases
from $500 to
$10,000 for its 10K Filing.
The stock chart says it all:
http://www.corporate-ir.net/ireye/ir_site.zhtml?ticker=MFI&script=300&layout=7
Recent stories include:
http://www.leasingnews.org/Conscious-Top%20Stories/micro_leasecomm.htm
-------------------------------------------------------------------------------------------------
Leasing Association Membership Dramatically Down --
by Christopher Menkin
The Equipment Leasing Association membership today is 722,
compared
to year-end 2002 of 862;
United Association of Equipment Leasing
now at 222, from 368 at year-end 2002.
The National Association of Equipment Leasing Brokers state
they
will have numbers the end of April.
The Eastern Association of Equipment Lessors is getting ready
for
their Spring Conference in Washington, DC., and the Association
of Government Leasing and Finance was not available. Leaseurope
will be issuing new membership numbers soon.
“At this time, ELA has 722 paid members in our database.”
Amy Miller Holmes
Vice President, Communications
Equipment Leasing Association
4301 N. Fairfax Drive, Suite 550
Arlington, VA 22203
703.516.8367; Fax: 703.527.2649
aholmes@elamail.com;
http://www.elaonline.com/
Visit http://www.leaseassistant.org
to find a leasing partner today
United Association of Equipment Leasing:
“As of March 31, 2003 we have 222 members and approximately
100 carry over
memberships, but we will have a final to date number well
prior to our
Spring Educational Conference. It is still to be determined whether we
print a hard copy membership directory or do as ELA does
and provide
printing of our membership directory online.”
(The total then is 222 members, 100 are basically new members
carried
over from when they joined last year.)
Jessica Roell
UAEL
78120 Calle Estado, Suite #201
La Quinta, CA 92253
(760) 564-2227 x21
(760) 564-2206 fax
National Association of Equipment Broker President Bob
Bell:
“Thank you for your inquiry as to our membership. A membership count at the
present time would not fairly and accurately reflect our
membership. Let me
explain. Firstly,
we just completed our annual conference and there were
quite a few first time non member attendees who indicated
a strong interest
in joining. Those
membership packets went out on Friday.
Secondly, we have
gone to a calendar year membership. We had planned to suspend membership
privileges for non renewals in February, but we didn't cut
them off until
just last week. I
think that may get the attention of some who have just
put sending in their dues on the back burner. Thirdly, in the next week or
so we will be sending out a new "member benefits"
promotion highlighting
many of our benefits such as $7.95 pre paid overnight, $2.00
credit reports,
.04 long distance, Business Credit USA reports for a buck,
free access to
legal advice, and online documentation are but a few. The savings in
prepaid overnight and credit reports alone will more than
cover the $295.00
annual dues.
“The membership committee tells me we will have an accurate count by the end
of April and I will shoot it over to you.
“Kit, thanks again for your support of the NAELB.”
Bob Bell, CLP
President – NAELB
At this time, most leasing associations will write off non-renewals
from their roster, but may continue to on “possible renewals.”
They may be given
to directors for a “special call” or if their objection is
known why they are
not renewing, other efforts may be utilized.
In the meantime, new members are sought to make up the “deficit.”
Several years ago a retention record of 70% to 75% was “acceptable.”
The current
UAEL retention rate (by their own figures) is 30%. If you do not include
the 100 from last year, the
loss is still high at 40%, which includes new members who signed up
in 2003.
After losing executive director Ray Williams, ph.d.,cae,
this association has been downsizing its operation, from conference manager Joannie Dalton, to last
year moving its office from Oakland, California to La Quinta,
California, where
the CEO Joe Woodley lives nearby. Then president Bob Fisher
declared it
was a “cost effective” move. Services, regional meetings, and even
the conferences are not what they used to be. For instance, the May 1-4 Spring Conference
in Rancho Mirage, Southern California, as of Monday had 84 attendees
signed up including 11 spouses, according to Jessica Roell.
.
The date for the holding the hotel room was up yesterday,
April 1, and the early bird rate
will expire April 10th. It should be noted that many sign up late, but
it looks like the UAEL Conference will not reach the NAELB Conference
of 209
held two weekends ago in Chicago. Exhibitors may be disappointed.
The conference numbers are significant as donations, sponsorship,
exhibitors, and registration fees make up a good portion of an associations
gross income ( and net profit.) There is no secret that UAEL is hurting
in this economy, and the person who may feel it the most will be next
year’s president attorney Jim Costen of
Chicago, Illinois (he is vice-president and usually succeeds
to the
presidency) along with the 2004 board of directors.
The ELA over 16% drop in membership may be attributed to
raising the minimum
dues to $2,200. After
a “cost analysis” by a select committee, the ELA board took their recommendation
and decided it was not cost effective to price their membership as low
as they have had in the past. They
redefined their
role, adjusting their mission to serve their members and
the leasing
industry.
The Capital Hill visit is still very popular, and there seem
to be more ELA activities and events than last year. The up-coming April 9-10 Funding
Exhibition is approaching 500 paid registrations and the
42 funding exhibitors
were sold old a long time ago, according to Sally Maloney,
vice-president of
Meetings and Conventions for ELA.
ELA is still first for its membership and does not promote
non-members attending,
in fact, limits such an attendee to one conference/meeting
per year.
Two years ago several of the leasing associations meet at
the EAEL-UAEL joint
conference in Las Vegas to promote future “joint” conferences,
sharing of funds,
and policies of “non-member” attendance ( for instance, UAEL
Spring Conference
$695 Before April 10—early bird, then $796 and non-member:
$1,195/$1,395 after April 10.)
A dichotomy exists between direction of ELA and that of the National Association of Equipment Leasing
Brokers, who are most likely continuing to expand, with broker membership
at $295. They also have lower conference costs. Those that attended
the last one were very satisfied. It is easy to see that former active
UAEL members are now very active in NAELB, serving on the conference
committees, workshops, and ELA is becoming more active, efficient, productive,
with fewer members with their higher minimum membership cost.
There is talk that many members of UAEL would like to go
back to its original
format ( Western Association of Equipment Lessors.) Talk concerning a merger
of UAEL and EAEL has been going on for years, except the
goal and mission
of EAEL that fact
it has been a regional association
with 67% in the Northeast (NY, NJ, MA,
CT), an additional 5% in PA and MD, and the remainder in 25 states and Puerto Rico. One important distinction in EAEL
membership recruitment is that they openly do not solicit Brokers/ Lessors
west of the Mississippi River. They also have a different membership
cost. It also
appears EAEL is comfortable with its numbers, whereas UAEL
had
aspirations to become a national leasing association to equal
or surpass ELA.
http://www.leasingnews.org/DuesComparison.htm
NAELB is really no competition for ELA, where their main
thrust is the equipment leasing broker, where funders may join, but
not vote in elections or other issues. The broker dues are $295 which
include their “listserve” where
lease and who to stay away from. If you were a leasing broker, this would be a “must join organization,”
whether you are new to the business or been around a long time.
A different personality than the other leasing associations with
very high espirit des corps.
As important, what Leasing News has written about many times
is that
many belong to two associations, or three, and there are
perhaps fifty or
more who belong to all four of the main associations ( such
as Lease Plus
or Edwin C. Segal,Ltd.)
It appears ELA has found itself ( again,) NAELB is headed
in the right
direction, and EAEL is comfortable with itself, but where
is the direction
of UAEL who at one time had many active regional chairman
and committees,
in constant touch with all the members.
There then is a hard core. At this writing, it appears UAEL
will survive even with 200 members.
What 2004 will bring is a good as guess as anyone’s. The economy
and cutting back on all expenses surely is a major factor to less members.. The first six month figures of all the associations
will give a better look at the
obvious trend.
Leasing News welcomes all comments regarding the value and
direction
of equipment leasing associations, which we actively support
with announcements
and other promotions---no other electronic newspaper does
this except for
the associations themselves.
------------------------------------------------------------------------------------------
“Why I won’t Join a Leasing Association---“
by Name With Held
Then there is the group, I call the “do nothings.” Here is a comment from
one in response to one of our “get involved—just don’t sit
there” diatribes.
This person runs a leasing company and is a lessor/discounter.
You would
most likely know his name::
>Are we that self-centered and lazy that we don't give
a d****?
Kit, This email is in
response to your question and about you being appalled by the limited
enrollment in the secondary leasing associations. Here are ten reasons
why I am not:
1. If you have experience with the EAEL, you will be familiar
with the
clique that controlled it for many years. It was run for the benefit of a
few and had directors that were chosen to lead the organization
because
everyone else was just too busy.
2. Most of these association "meetings" are just
disguised "vacations"
focused around golf or beaches or dining. I prefer to arrange my own
vacations with my family.
3. The NAELB seemed like a nice organization where you attend
the meetings
and listen to members complaining that funding source "A"
holds up funding's
"just because the A/R check was from a different checking
account then the
one used for the approval". They find this shocking and too "picky" of the
funding source. I
didn't find participation beneficial.
4. . I have also been privy to association members talking
about how to "get
around" funding source guidelines to get approvals at
association meetings.
The lack of funding sources today reflects that attitude
to a large degree.
Some people just don't want to be associated with people
like these.
5. I have found the old WAEL was mostly a good group of people
but as I am
on the East coast that Org wasn't feasible to continue with.
6. I find participating in President Circles, round tables
etc... put on by
the funding sources enough contact with others in this trade
with which to
share ideas. I also
have others in the leasing industry I can contact
directly and discuss issues that would effect our businesses.
Perhaps
others do as well.
7. I find the funding sources provide guidelines relating
to their
interpretation of the laws and their chosen business model
and you must
operate within those guidelines. That is the first level of education in
this industry. The
key is to know the difference between the different
sources guidelines/business model and solicit business that
"fits" these
specific guidelines. The
management of the leasing concern should be the
leader this way.
8. Many of us have children that participate in theatre,
sports,
educational, religious etc... organizations. Many of us have chosen to
coach, manage, fundraise etc... for these organizations and
support the
needs of children and the community.
9. Some of us participate in town committees or business
or non-profit
organizations within our local community, as you did with
the Chamber.
10.. There is only so much time in the day. You commit a great deal of your
time to this newsletter, which is wonderful that you are
able to do what you
get enjoyment from, but perhaps you don't volunteer at your
local elementary
school teaching children how to read or use a computer or
coaching a Little
League baseball team or as a Scout leader or school committee
member etc...
as some others have chosen to do.
To find it "appalling" that some choose to spend
their time in pursuit of
what they feel is beneficial to society or their family instead
of what you
feel is important for them to do is short sighted, IMO.
(An opinion you are
entitled to of course.)
I am responding to you, in depth, as you questioned whether
people are lazy
or self-centered by not participating in leasing organizations
or perhaps in
not responding to your comments. Please realize that some people, myself
included, would not want to potentially offend you by voicing
a different
opinion then yours on a subject you seem to have a strong
opinion on.
I would also not want to demean, in anyway, your efforts
in the publication
of your newsletter which I appreciate receiving.
My experience with leasing associations has been less then
satisfactory.
This is why I do not participate in them any longer. It is not that I am
lazy or self-centered, nor I expect, are the many others
who choose to avoid
them for their own reasons.
I hope this private communication provides some insight to
a different
opinion and helps you understand a different position.
(name with held)
### announcement #################################################
Lessors Network Closes 2003 Membership Season
Atlanta, GA - Membership in the Lessors Network became even
more exclusive today as the private network confirmed closing the 2003
membership season early. Open enrollment for the 2004 membership season
is not scheduled to begin until September 1, 2003.
This is the first time the Lessors Network, an ABF network
for corporate and public finance professionals, has closed membership
during a membership season. The reason has to do with the organization's
policy to limit attendance to invitation only networking events.
In order to greatly enhance networking benefits for an exclusive
group of professionals in the asset based finance markets, the Lessors
Network issues a limited number of invitations to theme specific events
held through out the year. Lessors Network members are guaranteed priority
access; therefore, the total number of members during any membership
season must also be restricted.
About The Lessors Network
The Lessors Network is a privately managed asset based finance
network of corporate and public finance professionals.
Web Site Address - www.lessors.com
### announcement #################################################
--------------------------------------------------------------------------------------------------
Operation Just Cause Yellow Ribbon Campaign
http://www.ojc.org/yribbon.htm
All it takes is to wear a yellow ribbon or display it on
your flag pole or front door.
--------------------------------------------------------------------------------------------
Lease Plus---Accounting Software
(This is part of the section we are building on leasing accounting
software)
“Thank you for mentioning our name to *******. I personally
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“We don't normally say to much to the press, sort of keep
our nose to the
grind stone and keep working hard for our clients, our new business, and
try to stay active within the industry associations and
networking
opportunities. I actually
feel the marketplace is coming back somewhat as
we are pretty busy right now. You've got to work really hard,
and deals are
taking longer to do, but I don't think things are all that
doom and gloom
out there. The best advise I can give is keep at it everyday
and good things
will happen. Basically have to get out there and stay active,
and really do
a great job of servicing your client base and people will
recommend you. You
earn your reputation by your actions not by just printing
it or saying it.
“As far as the times are concerned. These are extraordinary
times, but the
best way to get through them is to believe in your country
and yourself.
Sure its tough right now, but we all can get through this
if we go out every
day and work hard toward reaching our goals. Our service
men and women are
doing it everyday for us, that's for sure.
“The Equipment Leasing business will be back again someday
soon, and stronger
than ever. Sure some are no longer going to be with us, but
then some
deserved to be gone anyway. The marketplace has a way of
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and we have seen that in the last few years. In the mean
time its up to each
one of us to make our way through this. I'm actually looking
forward to the
future.
“The best to you and your business. Appreciate all you do
for the industry.”
Best regards,
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Sr. Vice President
LeaseTeam, Inc.
(800)531-5086 x 1014
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-----------------------------------------------------------------------------------------------
**** announcement ************************************************************
Reminder *
Only 28 Days Until UAEL's Spring Educational Conference
Times are tough -
Learn how you can truly work to be partners, avoid fraud, and still
do business. Mutual protection Techniques with UAEL's Legal University - Thomas
Mulally, Esq. and Andy Alper, Esq.
Jessica Roell
UAEL
**** announcement ************************************************************
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Call Nancy Geary, CPA, CLP, Jay Dahl, CPA, CLP
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NAELB—March 20-23rd-Oak Brook, Illinois
EAEL---April 3rd-6th-Washington,DC
ELA---April 9th-10th, Chicago, Illinois
UAEL---May 1st—4th, Rancho Mirage, CA
http://two.leasingnews.org/imanges_uael_wael/CLPad.jpg
http://www.lease-management.com/
-advertisement-
Bonds to Fund Car-Value Guarantees
ABS Net
A Marlton, N.J., company is developing a securitization
program that would supply the cash it needs to write more guarantees
on the residual values of cars and trucks.
The resulting bonds would ultimately be backed
by cash that the 10-year-old outfit, Autobuyback, sets aside when it
sells its unique pledges to consumers who buy and lease new and used
automobiles. Autobuyback is currently discussing the novel plan with
prospective underwriters, although it hasn't hired any yet, said chairman
John J. Burkey.
While the initiative is still in the early planning
stages, the targeted cashflows are fairly friendly from a securitization
standpoint. When a consumer takes out a loan or lease through a participating
lender, Autobuyback agrees to buy the car after a certain period for
a pre-determined amount that decreases over time. At inception, Autobuyback
- which charges a fee of about $200 per contract - makes a bank deposit
equal to the car's projected residual value to ensure that it will have
the cash on hand to purchase the vehicle. The bank returns the money,
plus interest, to Autobuyback when the buyer decides to sell the car
to the firm, or when the loan or lease term expires.
After customers purchase residual-value protection
from Autobuyback, the firm can generate income in one of two ways. If
the company buys back a car at the end of a finance agreement, it sells
the vehicle to a used-car dealer - usually at a profit. Alternatively,
if a client chooses to hold on to a vehicle, the company gets to keep
the cash it originally set aside. In either case, the funds could be
used to make payments to bondholders.
Autobuyback is aiming to complete its first securitization
in July. If all goes well, it expects to complete a $100 million issue
every few months, either through term offerings or commercial-paper
conduits.
Because banks hold Autobuyback's deposits, the
resulting paper would depend on the institutions' credit ratings, as
opposed to the creditworthiness of the consumers. "Investors are
secured by the credit of the bank. It's really clean paper," Burkey
said.
In most cases, the banks holding Autobuyback's
deposits are the same institutions that write the related loans and
leases. The banks choose to participate in the program for a couple
of reasons. Among them: Lessors dread the idea of seeking buyers for
cars whose lease terms have expired - and they're often vexed by the
process of determining the vehicles' residual values, especially for
securitized leases. Autobuyback's guarantees allow them to bypass those
hassles.
Autobuyback makes its money by charging fees
for its service, and through sales of used cars. Because the firm often
sells the cars for more than the values it guarantees for consumers,
the program has been profitable so far, Burkey said. The firm uses a
proprietary method to predict residual values.
For the past six years or so, the company has
been using on-balance-sheet mechanisms to fund its guarantees, which
it had been selling through participating dealers. More recently, it
established relationships with banks and specialty-finance shops - a
strategy that it expects to result in added business in the coming months.
By securitizing, it would get the cash necessary to set aside for new
guarantees.
Burkey expects to write guarantees on 8,000 to
10,000 vehicles per month in the near future, although he declined to
specify the current volume.
Autobuyback is also working with investment banks
to come up with a separate securitization model for companies that lease
large fleets of vehicles to corporate customers. The lessors would offer
their own bonds, with Autobuyback's guarantees acting as credit enhancement.
Likewise, banks that finance cars for consumers could use the guarantees
to prop up their deals.
-----------------------------------------------------------------------------------------
Senators Want Permanent Tax Free Internet
By Roy
Mark Internetnews.com
(note: both Oregon and Montana have no state
sales tax;
http://www.taxadmin.org/fta/rate/sales.html
)
U.S. Senators Ron Wyden (D-Ore.)- and Conrad Burns (R-Mont.) joined Rep. Christopher
Cox (R-
Calif.) Monday to underscore their efforts to
support legislation to indefinitely extend the existing moratorium on
new and discriminatory Internet taxes.
The current moratorium on Internet taxes -- including
taxes on Internet access, multiple-state taxation of a single item bought
online, and discriminatory taxes that treat Internet purchases differently
than other types of sales -- is set to expire in November.
Wyden and Cox sponsored the original three-year
moratorium in 1998. It was extended for another two years in 2001 on
legislation sponsored by Wyden and Cox and the two have again filed
bills (H.R. 49 and S. 51) to keep the Internet tax free.
This time, they hope to make the moratorium permanent.
"This moratorium makes sure e-tailers have
an equal shot at success in today's economy, and I believe they should
be protected once and for all from unfair taxes that threaten their
survival," said Wyden. "States have never proven theyve
been injured by their inability to discriminate against online sellers,
and e-commerce has grown exponentially under the protection of the Cox-Wyden
law. It's time to make this ban permanent."
Businesses and organizations throwing their weight
behind the Wyden-Cox legislation includes E-Bay!, the Direct Marketing
Association, Federated Department Stores, Software and Information Industry
Association, U.S. Internet Industry Association, Software Finance and
Tax Executives Council, Information Technology Association of America,
and the American Electronics Association.
"With the current state of the economy,
it's important we uphold commonsense tax laws that are fair to businesses,"
said Burns. "I know how hard it is to stay above water right now,
and it's unreasonable to burden businesses and organizations with taxes
that drag them under. This moratorium puts e-businesses on a much more
level playing field, and I believe it is time to make it permanent."
If a permanent moratorium is passed by Congress,
it would not, in all probability, apply to the growing movement to enforce
sales taxes on Internet sales.
Currently, sales and use taxes are owed on all
online transactions, but states are prohibited from requiring remote
sellers to collect and remit those levies. A 1992 U.S. Supreme Court
decision said states can only require sellers that have a physical presence
or "nexus" in the same state as the consumer to collect so-called
use taxes.
The court ruled that the current patchwork of
roughly 7,500 taxing jurisdictions across the country is too complex
and burdensome for online retailers to charge and collect sales taxes.
In order to collect the taxes, the court ruled, states would need to
first simplify the existing system.
In November, representatives from 32 states approved
model legislation designed to create a system to tax Web sales. Spearheaded
by the National Governors Association (NGA), the Streamlined Sales Tax
Project (SSTP) would require participating states to have only one tax
rate for personal property or services effective by the end of 2005.
Included in those services would be online sales.
The coalition of states voted to require participating
state and local governments to have only one statewide tax rate by 2006
for each type of product taxed.
The NGA launched the STTP in 2000 with the long-term
goal of presenting Congress and the courts with a system that would
allow the states to collect sales taxes on online sales and catalogue
purchases.
_______________________________________________________________
##### Press Release ###############################################
US Markets, Inc Signs Captive Capital
(King of Prussia, PA, -- Captive Capital Corporation,
f.k.a. eMarket Capital (www.captivecorp.com), announced that U.S. Markets,
Incorporated will use its “Dealer Focused” managed on-line/off-line
financing platform to help facilitate financing for their customer purchases.
The new program will be called USM Financing
and can be found at http://usm.vendorfinancial.com.
U.S. Markets General Manager, Pete Mastro said,
"With this service, we are now able to offer financing to our customers
for purchases or long-term leases through a network of financial institutions
managed by Captive Capital. We expect that this relationship with Captive
Capital will help to improve sales this year."
U.S. Markets, Inc., located in Elmhurst, IL,
has been in the wholesale aerial lift business for over ten years. With
a fleet of over 1100 machines that consists of aerial scissor lifts,
boom lifts, high-reach forklifts and under bridge access platforms,
U.S. Markets, Inc. can service its customers on multiple levels at the
same time.
"Captive Capital is happy to add U.S. Markets
to our ever expanding customer base, said Jeffrey Whitcomb, VP- Program
Management, “ Our unique model is flexible enough to help both small
and large companies offer a private-label financing solution to their
customers.”
"A dealer can now provide both its sales
force and customers with a quick, simple process when financing equipment
purchases. Customers get access to lenders and the information necessary
to choose the best deal for their business. The dealer can accumulate
a database of valuable sales and management information that they can
use to predict sales and better manage inventory”, said Whitcomb.
Captive Capital backs up the ease and convenience
of its online application process with outstanding customer service.
Real people work directly with dealers and customers to ensure that
transactions close smoothly. While the deal information is web-based,
the entire process can be done off-line via fax. Captive Capital makes
it easy for the customer, dealer principal and the sales force to secure
the best deal in a manner suited to their business process and preference.
How Captive Capital Works
Captive Capital creates, hosts and manages private-label
financing programs that help companies like U.S. Markets, Inc. close
more deals by making all types of financing available to their customers.
Captive Capital establishes a customized financing Web site for each
participating vendor partner. Each Web site is operated under the partner’s
brand name and includes a limited number of lenders who are experienced
in equipment financing and who collectively can cater to a broad range
of credit risks and types.
Customers fill out a single off-line or on-line
application, and through Captive Capital's patent-pending Web-based
process, receive offers from those appropriate lenders. Offers are submitted
to the customer in a format that simplifies the process of making an
intelligent business decision. Lenders pay a below-market origination
fee only when they complete a deal through one of the Programs.
The service targets capital equipment purchases
from $5,000 to $5 million. Transactions in this range represent over
50 percent of the overall market, which analysts expect to grow 5 to
8 percent a year.
For more information about Captive Capital, go
to the company's Web site at www.captivecorp.com, or telephone 800-994-4369
or 800-994-4942.
Sites of Reference:
http://usm.vendorfinancial.com
CONTACT:
Richard Matosky
Captive Capital Corporation
Phone Number: 610-354-8820 x 230
Fax Number: 610-354-8835
E-mail: rmatosky@captivecorp.com
### Press Release #################################################
De Lage Landen Financial Services names Rita
Di Martino EVP & Chief Operating Officer
WAYNE, Pa., -- De Lage Landen Financial Services,
a leading international provider of high quality asset-based financing
products, has named Rita
Di Martino to the position of Executive Vice
President and Chief Operating Officer.
She will
report directly to Ronald Slaats, Chairman of the Americas Division
of De Lage Landen International B.V., and serve as a member of the Senior
Leadership Team.
In her new capacity, Di Martino will provide
oversight and direction to De Lage Landen’s Shared Services Departments
from a strategic and tactical, as well as a day-to-day operations standpoint.
These departments encompass the Facilities Services,
Finance, Human Resources, Information Technology, Legal, and Operations
functions, including Collections and Portfolio Management, Litigation
& Recovery, Contract Management and Account Services.
Previously,
Di Martino served as Senior Vice President, Chief Information Officer,
Group Manager – Operations & Technology for Fleet Capital Leasing
in Providence, RI, where she held a series of progressively more responsible
positions in her 11 years with the company.
Prior
to joining Fleet, she held a number of finance positions. Di Martino is a Magna Cum Laude graduate of
Boston College with a Bachelor of Science degree in Biology and Bachelor
of Arts degree in Psychology. She also holds a Master of Business Administration
degree in Finance and MIS from Boston College.
De Lage
Landen Financial Services is part of De Lage Landen International B.V.,
an international provider of high-quality asset-based financing products.
The company, headquartered in Eindhoven (the Netherlands), is a wholly
owned subsidiary of the Dutch Rabobank Group that has been rated AAA
by the major rating agencies Moody’s and Standard & Poor’s.
With
offices and joint ventures in 20 countries throughout Europe, the Americas,
Australia and New Zealand, De Lage Landen specializes in asset financing
and vendor finance programs internationally, with a focus on the following
industries: Agriculture and Food, Healthcare, IT, Materials Handling
and Construction Equipment, Office Equipment, Telecom and Bank Outsourcing.
Domestically, the company concentrates on a broad range of leasing and
trade finance products.
In 2002
De Lage Landen grew its net profit to $94 million and its balance sheet
to $11.5 billion in assets.
CONTACT:
Ted Radomile
De Lage Landen Financial Services
Phone Number: 610 386 5830
Fax Number: 610 386 5840
E-mail:
-----------------------------------------------------------------------------------------------
News Briefs---
IPOs Hit 28-Year Low In the First Quarter/No
New Stock Offerings in Four Weeks
http://www.washingtonpost.com/wp-dyn/articles/A6117-2003Apr1.html
U.S. Manufacturers Cut Back in March
http://www.washingtonpost.com/wp-dyn/articles/A6024-2003Apr1.html
March 2003 U.S. auto sales
http://graphics.boston.com/images/universal/tile.gif
Air Canada Files for Bankruptcy/secures $700
million, or up to C$1.05 billion, in debtor-in-possession (DIP) financing
from General Electric Capital Canada Inc. to see it through bankruptcy
protection.
http://customwire.ap.org/dynamic/stories/A/AIR_CANADA?SITE=CADIU&SECTION=
HOME&TEMPLATE=DEFAULT
St. Louis bakery turns out a million Ding
Dongs a day
http://www.bayarea.com/mld/mercurynews/business/5530972.htm
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Sports Briefs---
Oakland A's Could Have Been Playing in Conneticut,
Davis tells Jury
http://www.bayarea.com/mld/mercurynews/sports/5531006.htm
NFL Salary Cap Status
http://www.theredzone.org/caproom.asp
Mock Draft Picks
http://www.theredzone.org/2003/draft/mock_draft.asp
Teams Rate Best and Worst Football Stadiums
http://www.theredzone.org/best_worstfields.asp
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