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April 17, 2000 ---"35% of lease applications are rejected", press release claims, and new service may place them all. Advisory Board Member Harry Edwards promotes value of LeaseExchange for his company Avcom. SAN FRANCISCO--(BUSINESS WIRE)--April 17, 2000--Today, LeaseExchange introduced the first open, fair and efficient marketplace for business-to-business leases, appropriately named The Lease Exchange. The Lease Exchange dramatically reduces the time required to secure multiple competitive bids for an equipment lease, and increases the chance a leasing customer will get approved. "We're turning the $233 billion equipment leasing industry on its head by creating an online marketplace that accommodates everyone's needs -- leasing customers, equipment sellers and leasing companies alike," said LeaseExchange CEO Aaron Ross. "The Lease Exchange helps get more leases done more quickly, which is what everyone involved in leasing needs." According to a 1999 report released by the Equipment Leasing and Finance Foundation, the average leasing company rejects 35 percent of the lease applications it receives. Because each leasing company has different application approval parameters, other leasing companies would approve most of these applications when given the opportunity. The Lease Exchange has a broad range of leasing companies that approve varying credit qualities, geographies and types of equipment, ensuring the highest possible approval rate. Through The Lease Exchange, leasing customers complete a simple, one-time application and quickly receive bids from multiple leasing companies competing for their business. The Lease Exchange also offers a live customer care center that can help leasing customers negotiate the process. The Lease Exchange benefits equipment sellers as well. They can refer their customers to The Lease Exchange, where multiple leasing companies compete for their customer's lease, vastly increasing the chances of approval, speeding up the process and ensuring competitive pricing. "We are looking to The Lease Exchange to dramatically improve the financial services, specifically leasing, that AVCOM provides to its customers," said Harry Edwards, chief operating officer and vice president of business development at AVCOM Technologies, Inc., one of the nation's leading systems integrators focused on Sun Microsystems products and solutions. "Having leases processed through The Lease Exchange will make us more competitive and create a better quality of service for us and our customers." Finally, leasing companies also benefit because they receive qualified applications with the information necessary to make fast, accurate bids. This access to critical data allows them to quickly filter applications and efficiently complete more leases. The Lease Exchange levels the playing field for customers, equipment sellers and leasing companies. For the first time, leasing companies and businesses looking to lease equipment can track the leasing process from beginning to end. About The Lease Exchange The Lease Exchange is the first open, fair and efficient online marketplace where businesses can find the best value for equipment leases. It is the only exchange that brings together leasing customers, leasing companies and equipment sellers to complete the lease transaction. Its customer-centric focus ensures that all parties operate on a level playing field. Founded in April 1999, LeaseExchange received $3 million in first round funding from WaldenVC. Visit The Lease Exchange at www.LeaseExchange.com. CONTACT:
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