LeaseTrading, Inc. Introduces First and Only Full-Service Marketplace that Brings Liquidity to Vehicle and Equipment Leases at North American Truck Show
BOSTON--May 3, 2001--Today at the North American Truck Show, LeaseTrading (Booth #1526) made its debut and introduced the first and only full-service, independent marketplace for the transfer of commercial vehicle and equipment leases.
Serving North America and supported by its expert-managed trading desk, the LeaseTrading marketplace, located at www.leasetrading.com, facilitates the transfer of leases for not only trucks and automobiles, but also construction, office, computer and medical equipment.
Using its proprietary technology, LeaseTrading manages all aspects of the transfer process from initial listing of assets to exchange negotiation and contact with credit institutions and, finally, to logistics arrangements and asset delivery.
The benefits for leasing industry participants are powerful:
| -- | Acquirers of equipment and vehicles can locate and lease high-quality assets on attractive terms. |
| -- | Leasing companies, through LeaseTrading's risk management program, have a new and powerful alternative for managing their lease portfolio credit experience. Additionally, by addressing one of their customers' greatest concerns, LeaseTrading helps leasing companies improve sales and customer service. |
| -- | Lessees now have greater term flexibility and an alternative to defaults and expensive penalties. |
| -- | Dealers and brokers have a new tool to complete more transactions and grow their business. After dealers and brokers assist prospective customers with exiting an existing lease, they are able to purchase a new asset. |
"LeaseTrading drives and enhances the lease transfer process, and is a tool critical to the management of risk. The ability to transfer a lease can mean the difference between bankruptcy and viability for a business or individual and the difference between a performing and a non-performing asset for a leasing company," said Michael D. Penfield, founder and CEO of LeaseTrading. "Especially in the competitive trucking industry, fleets, owners and operators can take advantage of this credible alternative to the dilemma of expensive termination of penalties and potential bankruptcies."
"Cyclical industries face punishing inflexibility when attempting to generate liquidity of their leased assets, especially in an industry downturn or a recession," said Andy Katz, vice president and managing director, e-Business Applications and Markets, Aberdeen Group. "LeaseTrading has created a reliable, full-service and vendor-neutral e-marketplace where lessees can increase liquidity of their leased assets and lessors can maximize their risk management opportunities as well as efficiently find new customers. The secondary leasing marketplace, pioneered by LeaseTrading, is a credible alternative to otherwise writing off lost revenues, payment default and the prospect of expensive penalties when buying assets in mid-lease stage."
Executive Management Team
LeaseTrading's executive team comprises the best minds in leasing, financial services and technology that made the concept of a neutral, independent secondary leasing marketplace a reality:
-- Michael D. Penfield - president and CEO, co-founder of
LeaseTrading - Michael is responsible for developing company
strategy. Michael spent 16 years working primarily as an
investment banker at Citigroup, Merrill Lynch as well as
merchant bank The Lodestar Group. Michael previously headed
financial institutions investment banking as managing director
at SG Cowen.
-- Brooks Ritchey - executive vice president and chief operating
officer, co-founder - Brooks has daily financial/fiduciary
management responsibility for LeaseTrading. He has over 18
years of experience in the investment analysis and portfolio
management areas working with such companies as Citicorp, AIG,
Steinhardt Partners, Paribas, and ING Furman Selz.
-- Jeffrey D. Schmidt - senior vice president, Marketing and
Trading, co-founder - Jeff is responsible for all aspects of
online and offline trading, as well as coordinating marketing
communications, public relations and advertising campaigns. He
has over 18 years of diversified financial markets experience
from his positions at Discount Corporation of New York, Bear
Stearns, Credit Lyonnais and Credit Suisse First Boston.
-- John L. Guadagno, Jr. - managing director, Business
Development - John is responsible for developing business
development and has over 25 years of experience in the
commercial finance industry. Prior to its sale to GECC (GE
Capital Corporation), he spent five years as President and CEO
of Phoenixcor, the commercial finance operations of Sumitomo
Corporation of America.
-- Robert F. Cunningham - managing director, Business Development
- Bob manages LeaseTrading's growing West Coast operations,
based in San Mateo, CA. He brings over 20 years experience in
leasing and structured finance from such companies as Key
Global Finance and Citicorp Bankers Leasing Corporation, a
wholly-owned subsidiary in the Global Equipment Finance
division of Citicorp North America.
About LeaseTrading, Inc.
LeaseTrading, Inc. has created the first and only full-service, neutral market for the transfer of equipment and vehicle leases, bringing liquidity to businesses and individuals and risk management opportunities for lessors. Offering an efficient and cost-effective alternative to exiting a lease, LeaseTrading has established the first and only online marketplace for transferring equipment and vehicle leases from a current lessee to a new lessee.
Serving North America and supported by its expert-managed trading desk, the Lease Trading marketplace, located at www.leasetrading.com, facilitates the transfer of leases for not only trucks and automobiles, but also construction, transportation, office, computer and medical equipment. Using its proprietary technology, LeaseTrading manages all aspects of the transfer process from initial listing of assets to exchange negotiation and contact with credit institutions and, finally, to logistics arrangements and asset delivery.
LeaseTrading's one-stop solution provides existing lessees with greater term flexibility and offers an alternative to defaults and expensive penalties, while new lessees can acquire high-quality assets at attractive rates. With this new secondary market option from LeaseTrading, lessors better manage default risk, reduce expenses, ensure that leases mature and maintain strong customer relations. Over the last year, LeaseTrading has already completed two rounds of financing; current investors include a strong cadre of senior executives from world-leading technology and financial services companies.
Lessors, vendors, current and new lessees can list their assets for free and start taking advantage of LeaseTrading's full-service capabilities or find out more information through the Internet at http://www.leasetrading.com and contacting the trading desk at 1-(888) 280-9009.