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Headlines--- Pictures from the Past---2000---Foxx-Dalton CORRECTION:
UAEL Dues Increase Major
automakers: November U.S. sales drop 18
percent
Thanksgiving
sales lift retailers' holiday hopes
The Need for Value
Drives Consumers to Internet
MTC Proposes Sales
Tax Credits - ELA Schedules Conference
Call Key
Aligns Its Corporate and Investment Banking
Organizations Hotels.com's
Great Internet Rates Also Available by
Phone
Signs of the times:
Telling it like it isn't ###
Denotes Press Release --------------------------------------------------------------------------------------------------- Pictures from the Past---2000---Foxx-Dalton
“Travis Foxx, Merchant Capital,
with United Association of Equipment Leasing’s always effervescent Joanie Dalton. --------------------------------------------------------------------------------------------------- CORRECTION:
UAEL Dues Increase “Your article on the 2003 United Association
of Equipment Leasing dues was in error
about the increase in service member dues.
You said, "...service from $600 to
$795, and larger service providers from
$600 to $1,495."
Actually, the dues for larger service providers were increased from $1,200
to $1,495. “Also, please note that some of the categories
have changed. While some Broker/Lessors will be paying higher dues, some
will see a reduction. Three categories (from $0 to $12 million) with dues
from $445 to $800 were compressed into one category (from $0 to $10
million) with dues of $595. “While there was an increase, it is not dramatic.
UAEL membership, bringing together excellent education programs, highly
experienced member companies and involved networking continues to be an excellent
investment for both established and young companies alike.” Bob Teichman, CLP Teichman Financial Training 3030 Bridgeway, Suite 213 Sausalito, CA 94965 Tel: 415-331-6445 Fax: 415-331-6451 e-mail: BoTei@aol.com "Providing education and training to the
equipment leasing and financing industry." (The dues for larger service providers came
from the UAEL office and was posted on line. It was reviewed by the former executive director Joanie Dalton and has been on line at Leasing News for a year. (We are in the process of up-dating all the
association dues.
ELA now has a $600 “transition” membership to keep
members active while their companies may not be, plus has re-designed
the dues for the larger companies (funders) with a minor increase,
whereas the UAEL dues have a minor increase, but flat increase of
$275 for all funders rather than a tier system that ELA has. ELA also has many more categories reflecting
the nature of its organization. There certainly is a reduction in volume being
produced by all, except for perhaps the attorneys, who never had it so good in fee income ( if they can collect it). There are also less leasing companies still
in existence. It is obvious that those that remain have to
step up to the plate to make up for the
less membership income. Whether the National Association of Equipment
Leasing Brokers or Eastern Association
of Equipment Lessors will follow with
an increase of dues is not known at this
time.
There should be little debate that
it is imperative you keep your lifeline,
networking, stay on top of what is happening,
and count on your relationship gained through your leasing association
to keep you in business. Each of these organizations has their own niche
or following.
It appears UAEL is downsizing in staff, location, and production
from their original goals under the leadership of Dr. Ray Williams, CAE. It perhaps will not be until March, 2003, or
maybe later, as calls are made to 2002
members to renew their membership,
that we will know the results of the dues
increase. Editor). ---------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------
Major automakers: November U.S.
sales drop 18 percent
ASSOCIATED PRESS DETROIT – The three major automakers on Tuesday
reported that their combined U.S. vehicle
sales fell nearly 18 percent in November
compared with the same month a year ago,
but they remained optimistic about the
industry outlook. November sales at General Motors Corp. fell
more than 18 percent. Sales of the No.
1 automaker's cars were down about 6 percent
compared with the same month in 2001,
while light truck sales – including pickups,
sport utility vehicles, vans and minivans
– dropped 26.2 percent. "Comparisons to a very strong year-ago
November are difficult, however, our sales
remain generally healthy," said Bill
Lovejoy, group vice president of North
American sales and marketing. "Importantly,
we continue to improve our vehicle mix
in an extremely competitive market."
Sales at GM's Saab unit were up 2.4 percent
compared with November 2001. The Chrysler Group of DaimlerChrysler AG reported
sales fell 11.9 percent. The company's
car sales were down more than 9 percent
and light truck sales were off 12.6 percent.
Luxury automaker Mercedes Benz reported sales
were up 3.4 percent for the month compared
with November a year ago, as car sales
rose 11.1 percent but truck sales fell
nearly 24 percent. Ford Motor Co.'s sales were down more than 20
percent. November sales of Ford, Lincoln
and Mercury brand cars were down about
25 percent compared with the same month
in 2001; light truck sales fell 18.5 percent.
But Jim O'Connor, Ford's chief of North American
sales and marketing, said the No. 2 automaker
remains optimistic about the prospects
for sales in the months ahead. "We are on track to finish the 2002 calendar
year with a higher market share than where
we started," O'Connor said. "The
new Ford Expedition and Lincoln Navigator
have made significant contributions to
our improving market share trend among
individual retail customers." Ford's Jaguar unit reported sales fell 19 percent
compared with November of last year. The automaker's Land Rover unit showed sales
that rose 39 percent from those during
November 2001, and its Volvo unit saw
sales edge higher from a year ago. Figures are based on 26 selling days during
the month of November, compared with 25
sales days in November 2001. ------------------------------------------------------------------------------------------------- Thanksgiving sales lift retailers' holiday hopes By Reuters HICAGO - Record Thanksgiving holiday weekend
sales from J.C. Penney Co. Inc. and Wal-Mart
Stores Inc. raised hopes of a stronger-than-expected
holiday shopping season yesterday, easing
concerns about a sluggish US economy. But analysts were quick to point out that one
weekend alone does not make a strong season,
and it was too early to tell whether retailers
could sustain the pace through December. The National Retail Federation said three out
of four consumers hit the shops over the
weekend, according to its holiday survey
released yesterday. Stores reported strong
demand for clothing, electronics, jewelry,
books and toys. Online retailers including Amazon.com Inc. also
racked up huge sales gains as some consumers
shunned the crowds at the mall and shopped
at home. Online retail sales jumped 61
percent to $234.2 million on the Friday
after Thanksgiving, according to Bizrate.com,
an online price comparison service. J.C. Penney, which operates its namesake department
stores and the Eckerd drugstore chain,
said its Thanksgiving weekend sales reached
a record, but did not disclose any figures. Wal-Mart, the world's biggest retailer, posted
its biggest-ever one-day sales tally Friday
- a whopping $1.43 billion, up 14 percent
from last year's $1.25 billion. ''We only have firm numbers coming out of Wal-Mart.
J.C. Penney is indicating they were ahead
of plan. Aside from that we're not getting
any firm numbers until Thursday,'' said
Hoff, who does not own shares in either
company. __________________________________________________________________ The Need for Value Drives Consumers to Internet By Bob Liu
Internetnews.com With at least three independent surveys indicating
that consumers will spend less on gifts this holiday season, the
need to maximize dollars is driving shoppers
online to e-tailing websites in droves.
Amazon reports that customers worldwide have
already ordered more than 24 million items
for the period of Nov. 1-28, according
to its Holiday Delight-O-Meter. Because
the Delight-O-Meter debutted Nov. 9, 2001,
no year-ago comparison is available. While
the online shopping giant attributed the
surge to a number of heavily discounted
items, experts said the decision by the
company (as well as its competitors like
eBay) to stick with free shipping as a
promotional tool also helped attract shoppers.
"Methods to further reduce spending levels
are clearly popular with consumers this
year," said Lee Smith, president
of Stamford, Conn.- based InsightExpress,
a professional online marketing research
firm. "Free shipping, greater discounts,
and price comparisons are emerging as
critical success factors for online stores
this holiday season. The successful sites
understand this." As further evidence of recent trends, on Friday
FAO Inc., the operator children's retailers
FAO Schwarz, The Right Start and Zany
Brainy, said it did not expect to meet
its previously issued revenue and earnings
guidance due to restrained consumer spending.
Further hurting mall-based and department store
sales was the benefit for online shoppers
of price-comparison services like Pricegrabber
and Dealtime, which Nielsen//Netratings
recently ranked as the third most- popular
shopping sites on the web. And, according to company officials, this ability
for the consumer to click to compare prices
is an added benefit for the partner merchants
listed on Dealtime's service. By increasing
the knowledge base of shoppers and raising
their level of comfort with transactions,
Dealtime claims to generate a visitor-to-buyer
conversion that is roughly twice that
achieved by competing sites. Meanwhile, Microsoft said on Friday that traffic
to the MSN Shopping service is up 50 percent
this November, as compared to the same
time last year. Traditional "bricks" retailers this
year do have a leg up on their online
counterparts in terms of the limited number
of days shoppers have during the holiday
season. The 2002 holiday shopping season
(Thanksgiving to Christmas) lasts only
26 days -- that's six fewer days consumers
have to complete their holiday shopping
compared with 32 days in 2001, meaning
less time to wait for orders to be shipped
and delivered. Last year, Thanksgiving
fell on the third week, not the fourth week as this year. But in a study conducted by Harris Interactive
for Amazon.com, nearly 70 percent of Americans
said crowded malls and long lines were
the worst part of holiday shopping. If
everyone had a magic genie to either go
to the mall, send holiday cards, wrap
or send gifts or attend holiday parties
for them this holiday season, two in five
Americans (40%) would want that genie
to go shopping at the mall, the Harris
poll said. MTC Proposes Sales Tax Credits - ELA Schedules
Conference Call Wednesday---December 11 The Equipment Leasing Association has scheduled
a teleconference for 11:30 AM Eastern
/ 8:30 AM Pacific Time on Wednesday, December
11 to discuss a Multistate Tax Commission
(MTC) proposal for enactment of a uniform
provision to identify jurisdictions with
priority to tax a lease of mobile tangible
personal property, as well as jurisdictions
that provide credits for taxes previously
paid. These rules are intended to apply
to all leases of tangible personal property,
including, but not limited to, automobiles
as well as other types of mobile tangible
personal property. For dial-in information
send a request including your name and
company to dbrown@elamail.com To view
the MTC proposal and notice of public
hearing , please visit http://www.elaonline.com/govtrelations/State/TaxCreditsHearing.pdf
Sites of Reference: http://www.elaonline.com/govtrelations/State/TaxCreditsHearing.pdf CONTACT: Dennis Brown ELA Phone Number: 703-527-8655 E-mail: dbrown@elamail.com ----------------------------------------------------------------------------------------------- ############## ################################# Key Aligns Its Corporate and Investment Banking
Organizations Integrating the business groups that provide
corporate finance and capital markets
products for companies and institutions,
KeyCorp (NYSE: KEY) today announced the
organization structure and senior management
team for its Key Corporate and Investment
Banking (KCIB) division. KCIB serves large
corporate and middle market public and
privately held companies and institutions
in the U.S. and overseas. "Our
goal has been to organize our expertise
around our clients, and align teams of
corporate and investment bankers who will
bring ideas to them to support their business
strategies," said Thomas W. Bunn,
KCIB President. "Bringing together
our lending, investment banking and capital
markets product sets and the bankers who
deliver them will differentiate Key in
our target client segments establishing
value for our clients and our enterprise."
The changes are effective Jan. 1, 2003.
Bunn
joined KeyCorp in March 2002 following
a 23-year career with Bank of America.
He was named KCIB President in August,
and also holds the title of senior executive
vice president for KeyCorp. He is a member
of the Executive Council. The
new KCIB organizational structure aligns
Key's expertise in areas such as corporate
lending, equipment leasing and cash management
with capabilities in investment banking,
capital markets, and mergers and acquisition
advice. In turn, the integrated teams
will deliver ideas and solutions to Key's
targeted clients and prospects. "Few
bank holding companies can offer the breadth
of bank financing, capital raising and
strategic financial advice that Key can
now provide on a completely integrated
basis," Bunn noted. "True distinction
and value for the client, however, is
ultimately achieved at the point of execution."
Three
Key executive vice presidents will head
the KCIB organizations that comprise all
of Key's corporate and institutional client
segments: George E. Emmons, Jr. will head Key Commercial
Real Estate (KeyCRE) and Commercial Banking,
which comprise the company's commercial
real estate and middle-market client groups.
Emmons joined Key in 1992 as head of KeyCRE,
and has built the organization to its
present ranking as the fifth largest commercial
real estate lender in the U.S. With nearly
three decades experience in the industry,
Emmons held executive posts at Huntington
National Bank, First Fidelity Bank and
Midlantic Banks before joining KeyCorp.
Christopher M. Gorman will lead Key Institutional
Bank, comprising Key's large corporate
clients, investment banking teams and
Key's industry coverage groups. Gorman
was a senior managing director and deputy
director of the Investment Banking Group
at McDonald Investments before being named
head of Key's Middle Market and Large
Corporate Groups. He joined McDonald in
1991 from Bankers Trust Company. William Barnes will lead a new organization,
KCIB Portfolio Management, which will
include teams responsible for credit underwriting
and portfolio management, in addition
to Key's media and asset-based lending
groups. Barnes has more than 30 years
experience in corporate banking, joining
Key in 1992 from Citibank, where he served
as regional executive for corporate finance
activities in the southeastern United
States. Prior to this new assignment at
Key, Barnes served as head of the Specialized
Industries Group. In addition, Daniel F. Austin will be responsible
for the Equity Sales and Trading, Equity
Syndicate and Equity Research groups.
This structure separates investment banking
from equity research, and is consistent
with anticipated regulatory requirements.
Austin joined McDonald Investments in
1984, was named vice chairman of the firm
in 1995 and thereafter was given responsibility
for these areas. Other
Key executives comprising the KCIB management
team include: Amy Carlson, Key Syndicated
Finance; Pam Carson, Chief Administrative
Officer; Linda Grandstaff, Key Global
Treasury Management; Paul Larkins, Key
Equipment Finance; Richard Owens, Bank
Capital Markets and Jack Schlifer, Taxable
Fixed Income. Cleveland-based KeyCorp is one of the nation's
largest bank-based financial services
companies, with assets of approximately
$84 billion. Key companies provide investment
management, retail and commercial banking,
retirement, consumer finance, and investment
banking products and services to individuals
and companies throughout the United States
and, for certain businesses, internationally.
The company's businesses deliver their
products and services through KeyCenters
and offices; a network of approximately
2,300 ATMs; telephone banking centers
(1.800.KEY2YOU); and a Web site, Key.com(R),
that provides account access and financial
products 24 hours a day. ( Courtesy of ELAonline.com ) ################### ############################################# Hotels.com's Great Internet Rates Also Available
by Phone; Travelers in the U.S. and Europe
can Save up to 70% Whether Booking via
Phone or the Internet DALLAS---Hotels.com
(Nasdaq:ROOM), the largest specialized
provider of discount lodging worldwide,
offers the lowest guaranteed rates (see
www.hotels.com for details) regardless
of travelers' preferred booking methods.
Whether booking accommodations via the
company's Web site www.hotels.com or its
toll-free call centers at 1-800-2-HOTELS,
travelers receive the same low rates for
savings up to 70 percent off regular hotel
rates. Additionally, Hotels.com offers
the same values at its European call centers
at 00-800-1066-1066. Available toll-free
throughout Europe, it is answered in most
European languages. "Hotels.com
provides the same guaranteed lowest rates
whether consumers book online on our Web
site or book via our 24-hour call centers.
Unlike many other companies, which offer
their customers lower rates only when
booking via the Internet, we prefer not
to penalize our customers with higher
rates for booking accommodations via phone.
We realize even with the growing popularity
of the Internet many consumers are still
using traditional methods for purchasing
travel-related products," stated
Bob Diener, co-founder and president of
Hotels.com. A
sample of Hotels.com discounted hotel
rates include the Downtown Doubletree
in Boston from $89.95; the Marriott Fisherman's
Wharf in San Francisco from $99.95; the
Miami Essex House from $89.95; the Orleans
Las Vegas from $19.95; the San Diego Radisson
Mission Valley from $89.95; the Marriott
World Center in Orlando from $109; and
the Governors House in Washington DC from
$79. About
Hotels.com Hotels.com
(Nasdaq:ROOM), is the largest specialized
provider of discount lodging worldwide,
providing service through its own Web
sites (including www.hotels.com and others),
more than 30,000 affiliated Web sites,
and its toll-free call centers (1-800-2-HOTELS).
Hotels.com provides accommodations to
travelers at over 6,500 properties in
more than 285 markets in North America,
Europe, the Caribbean and Asia. The company
offers a one-stop shopping source for
hotel pricing, amenities and availability,
and also specializes in providing travelers
with accommodations for sold-out periods.
Hotels.com is a majority-owned subsidiary
of USA Interactive (Nasdaq:USAI). Signs
of the times: Telling it like it isn't
By Dick Larsen, senior writer Landline
Magazine, The
Official Publication of the Owner-Operator Independent
Drivers Association The new Department of Homeland Security is supposed
to improve communication among federal
bureaucrats and state officials. Their
new mandate: Talk with one another and
share information. However, sharing isn't easy, and communication
isn't always on the mark. For example, we drive on a parkway and park
on a driveway. Those humps across the
road are called speed bumps, so why wouldn't
someon Which brings to mind one ni e go faster when approaching one? Maybe they
should be called slow bumps. "Didn't you see the sign?" the angry
attendant said. "Yes," I replied. "Then why didn't you stop?" "If the sign had said, 'Do Not Exit,' I
would have," I said. Hot water heaters are really cold-water heaters.
And shouldn't seagulls that fly over the
bay be called bagels? Truckers know there's not much rest to be had
at a rest stop. Truck safety regulations
make trucking more dangerous. And after
the '80s, when the government deregulated
trucking, more regulation and less pay
resulted. At the time, "economies of scale"
were supposed to help. Instead, truck
drivers got "downsized." When it comes to national issues, we often use
water images. We endured Whitewater under President Clinton.
Under Nixon, we had Watergate, due in
part to "leaks" and "plumbers,"
who probably had Potomac Fever. Does the
Royal family get Thames Turmoil; Do Egyptians
get Nile Neurosis; Italians Tiber Trauma;
or Germans Rhineosis? Let's hope the "sea change" or "tsunami"
brought about by the treachery of September
11 will in fact result in better communication
and information sharing. However, should the effort fall short, we may
have to rename our newest federal agency
"The Office of Homeland Insecurity." __________________________________________________________________ www.leasingnews.org |
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