AmeriQuest Transportation Leasing Launched To Deliver Exceptional Life Cycle Savings To Truck Fleets
CHERRY HILL, N.J.--Oct. 8, 2003--| AmeriQuest, Lease Dimensions and Spyglass Capital Jointly Develop New Retail Platform for Net Lease Services |
Three experienced transportation service companies have combined their talents and resources to offer a series of innovative solutions to the transportation industry. The newly created company, AmeriQuest Transportation Leasing, is based here and is delivering programs that meet the demands of CFOs, purchasing executives and fleet managers by lowering lease payments and operating costs.
At the heart of the new company are a national retail network of used truck dealers and a sophisticated procurement technology platform, which allow AmeriQuest Transportation Leasing to more aggressively price new lease contracts. Typically, banks, financial institutions and other lenders calculate the equipment's residual value based on projected wholesale worth at the end of the lease term. AmeriQuest Transportation Leasing is introducing the "LeaseQuest" method of pricing to provide a select group of trucking companies with a competitive advantage. As a result, AmeriQuest Transportation Leasing can substantially lower monthly payments and other costs, yielding a life cycle savings of up to $2,000 or more per unit.
"Our mission is to create highly customized financing solutions and to establish long-term relationships with a selective group of leading transportation companies," said Doug Clark, President & CEO, AmeriQuest(R) Transportation and Logistics Resources Corp., one of three partners in the new company.
In addition to AmeriQuest Transportation, the participating partners in AmeriQuest Transportation Leasing are LeaseDimensions, Inc. and Spyglass Capital, Inc. These companies are joining their resources with one of the largest independent retail truck sales networks in the industry to deliver a combination of financial acumen and operational experience unique within the industry.
"The primary concern of most transportation executives is the total holding costs. AmeriQuest Transportation Leasing brings a comprehensive program to reduce the customers total holding costs by incorporating several value added services to the leasing program," said Frank Churchill, President of the newly formed company.
About AmeriQuest(R) Transportation and Logistics Resources Corp.
AmeriQuest(R) Transportation and Logistics Resources Corp. is a privately held, national leader in the transportation industry, delivering substantial cost reduction to fleets, utilizing best practices and technology. Operating from more than 525 locations and representing the direct purchasing power of more than 350,000 trucks and several hundred fleets, AmeriQuest, through a patented business process arranges a broad range of transportation-related services, including full service leasing, dedicated contract carriage, logistics consulting, fleet management services, and procurement. AmeriQuest is also the exclusive provider of procurement and transportation related services for its strategic partners, such as FoodFleetXchange (in partnership with Food Marketing Institute, Food Marketing Institute's Wholesale Division and American Wholesale Marketers Association) and CarrierFleetXchange, and through the knowledge and content portal FleetXchange.com, a wholly owned subsidiary. AmeriQuest Premier Partners include CITGO Petroleum Corp., Yale Lift Trucks, Bandag, Inc., Sterling Truck Corp., Continental Tire N.A., Freightliner Trucks, Morgan Corp., Cummins, GMC, Imperial and Fleetguard. Additional information is available at www.ameriquestcorp.com.
About LeaseDimensions, Inc.
LeaseDimensions, Inc. is the nation's leading third party servicing company for transportation and equipment finance contracts. LeaseDimensions provides a comprehensive range of third party servicing, IT outsourcing and technology consulting for many of the leading banks and financial institutions in the nation.
About Spyglass Capital, Inc.
Spyglass Capital represents one of the most experienced and accomplished financial management teams in the industry. The Company's working management consists of former senior executives from GE Capital Fleet Services, GE Capital Canada, Volvo Commercial Finance and The Associates.