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| October 16, 2000
LEASING NEWS 10/16/29/99 Headlines--- Cragin Wins for CIT and Agilent!!! Broker's Lament---More Reactions Allco Discontinues In House Sales Force Netbank "Connects" with Microsoft Money Software Unicapital Announcements Scheduled for Tomorrow---still on!!! Kit, It seems like your hacker problems started occuring around the time that portions of your newsletter (and site address) started appearing on Sierra Cities' bulletin board on Yahoo. Sierra Cities really scans this site often, and they and their cronies/boosters will go to almost any length to qui et dissenters on it. You should trace the attacking ip's and get who is doing it. Could be interesting who you find! Love your site! Concerned ( name withheld by editor--I also spoke with this company on the telephone and have no evidence on who is, or was, hacking into our mail server ---editor ) Bob Cragin Brought In Agilent Program to CIT Just thought you ought to know that the person who opened the door and brought the CIT senior management in for the Agilent Program was non other than your old friend Bob Cragin. Just goes to prove that even some old leasing guys still have what it takes through persistence and determination to make the cold call and the follow up. Congratulations to Bob! Dennis Duffy DATASDuffy@aol.com ( Agilent Technologies and The CIT Group have entered into a vendor financing agreement whereby CIT will provide equipment financing and leasing services to Agilent customers on a global basis. Agilent estimates that the sale of this portfolio will result in additional net revenue of approximately $220 million in the fourth quarter of fiscal 2000 and between $250 million and $300 million in net revenue in fiscal 2001. Agilent estimates additional operating profit of about $120 million in the fourth quarter as a result of the sale, and between $125 million and $150 million in additional operating profit in fiscal 2001. In addition, Agilent estimates that the change in revenue recognition for new-order originations will result in between $150 million and $200 million in additional net revenue in fiscal 2001. ) Allco Discontinues In House Sales Force In a "Broker Bulletin," Allco Leasing and Financial Services, Lake Oswego, Oregon announces it has "...discontinued our house sales force and will be strictly a broker-funding source. As a self-fudning lease source that retains and services the transactions on its books, we believe we can better service you and your client needs. "September 16,2000 Allco has been in business 31 years, not flashy, not overwhelming, not GE Capital, just a solid niche funding source with consistent credit policy doing $100,000 to $800,000 transactions that require structuring understanding and the effort of Alco's credit staff. "Allco having started in the leasing business as a broker, understand your frustrations in getting those mid-ticket structured deals funding. Contact our credit staff by phone, fax,email, or smoke signals with your deals." Steve Warren recently joined this company who has Tom Mahaffey, VP of OPerations, Steve Warren, and Ron Holmes. This is not an advertisement, but comes as a news item because it is a company no longer doing "in house" sales but relying strictly on broker business, and fits in with recent complaints by independents regarding funding sources. Here is one in the $100,000 to $800,000 market place actively looking for broker business---editor Broker's Lament---More Reactions. Kit, I've been on your "regular mailing list " for some time - enjoying not only your "kit news" but also appreciating the comments made by others. I am rather "entertained" by attempting to predict how others will respond to your news based on my knowledge of their personal agenda. As most of the "rest of the leasing maddening crowd" I have been kicking about this leasing community for some years and find the cast of characters both entertaining and enjoyable and the opportunities financially rewarding. The Stewart Kahen story makes a great read - all the human elements are "Prego" - in there. This is truly a journey until "revosti" Hope to meet you some day dave David Fisher dwf@leaseforum.com ++++++++ I was about to respond to"Brokers Lament's" comments when I read Bob Rodi's response to him. Bob is right on the money with his advise. I hope all brokers take Bob's advise to heart. No matter what is going on in our marketplace, and we have seen all the good and all the bad, the most important thing is to trust our instincts and keep those business relationships strong. The HT3 theory (even if you don't have the High Tech) is practiced every day will surely help any broker's business make it through the tough times. We as business owners know the typical ways to lower overhead as we do it on a daily basis even when times are good. (Funders typically spend a lot of money when times are good.) Practicing the "high touch" and "high trust" will keep those customers coming back to us,although not as often, during the tough times. Now that we're strong with our customers, the much more difficult thing is to be strong with the funders. With funders being purchased and merged, with funders cutting off brokers because brokers simply did what they were asked to do, and with funders managed by people who are not majority shareholders, it's no wonder they cut and run when things don't go their way. We know the funders have "high tech" pretty much mastered, but many of them need to master "high touch" and "high trust". Sounds like a good workshop at a future leasing conferece. What do you think "Brokers Lament"? Ginny Young ginnyyoung@bravacapital.com +++++ Kit - It disturbs me that you are being pressured to reveal your sources of information. I believe your background as a newsman serves you well. Please know you have our (Merchant Capital's) support for what you are doing. We think you do an excellent job of screening the information and opinions that you receive, and you know that your integrity makes all the difference between this being a useful, informative tool for all of us in the industry, or a disaster. It's facinating and quite exciting that we have access to this amount of information now. I have never seen anything like it in my 15 years in the business, and I believe it helps us make better decisions about the way we conduct our businesses. We have all seen these cycles come around repeatedly: sources "buying" market share, writing deals they shouldn't be writing, then blaming the brokers when the company starts to experience "portfolio indigestion" (Industrial is the first one that always comes to my mind). It reminds those of that have worked hard to write good business that it is the right thing to do. I would paraphrase Bob Rodi's comments by saying that the broker's job is often a balance between giving a funding source what they ask for, and giving them what we ourselves would buy. I still believe in leaning strongly toward the latter. We are in this for the long haul. Even so, we have been bitten sometimes. I hope we continue to police ourselves, and I think one way we can do this is by having an open forum. Keep up the great work! Travis Foxx travisfoxx@merchantcapital.com Need financing for your growing business? Merchant Capital - "Financing for Entrepreneurs" http://www.merchantcapital.net NetBank(R) Provides Customers Greater Account Access With Seamless Download Capability for Microsoft(R) Money - New Service Follows Addition of OFX Support for Intuit's Quicken(R), Wireless Account Access and Other Customer-Support Initiatives - ATLANTA, Oct. 16 /PRNewswire/ -- NetBank, Member FDIC, Equal Housing Lender (Nasdaq: NTBK) (http://www.netbank.com) and the nation's leading Internet bank with more than $1.6 billion in assets, today announced that it has completed open financial exchange (OFX) certification for Microsoft Money, a popular personal finance management software application with more than 6 million users. NetBank customers who use Money 2000 or 2001 can download account information automatically or transfer funds between their accounts without ever opening an Internet browser. Customers link to their accounts by completing a brief online registration process within Money. "Our introduction of OFX support for the two most popular personal finance management software programs -- Money and Quicken -- is an important part of a much larger customer care strategy," said Michael R. Fitzgerald, NetBank president. "With the number of new financial planning tools and technologies coming into the marketplace, savvy consumers are seeking out providers that offer an array of services and options. From the beginning, we have focused on letting customers bank on their terms. Our recent efforts have centered on continuing to innovate by expanding our access points and delivery channels to give customers greater flexibility on when and how they bank." Over the past few months, NetBank has implemented a number of new services and enhancements to provide customers with additional conveniences and greater ease of use. Along with OFX integration into Money and Quicken, recent channel expansions include the launch of online chat capability, wireless account services and access to NetBank account information at the Yahoo! and Microsoft Moneycentral Web sites. Customer support offerings include a new customer care secure e-mail system, an upgraded bill pay system with bill presentment capabilities and instant funding for new NetBank checking or money market accounts through Visa(R), MasterCard(R) or ACH from an account at another financial institution. OFX is a protocol that standardizes how information is formatted and delivered to consumers or exchanged between financial institutions. OFX was developed by industry leaders, including Microsoft and Intuit, and operates in a secure environment where information is exchanged only on a request-response basis. About NetBank(R) NETBANK, Inc., (Nasdaq: NTBK; http://www.netbank.com), is a financial services company whose sole subsidiary, NetBank, Member FDIC, is the first profitable pure Internet bank in the country, having achieved profitability in the past nine consecutive quarters. With more than $1.6 billion in assets and customers in all 50 states and 20 foreign countries, NetBank was recently recognized as the best online bank by readers of Worth magazine in its annual "Readers' Choice Awards" survey and as a Money.com pick for "Best Online Banks." With its low-cost, branchless business model, NetBank is able to reward its customers with high interest rates on deposits with low- or no-fee banking services. Products and services include free online account access, free checking, free unlimited online bill payment and presentment, free unlimited ATM use, VISA(R) Check Card, VISA(R) credit card, online brokerage services, mortgage lending, home equity lines and loans, insurance, IRAs, online safe deposit boxes, and business equipment leasing services. NetBank is a member of the AFFN, Cirrus, Honor/Star, and NYCE ATM Networks. For more information on NetBank, its products and services, visit the Web site at http://www.netbank.com, or call 1-888-BKONWEB (256-6932). "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding NetBank's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. SOURCE NetBank, Inc. CO: NetBank; NETBANK, Inc. ST: Georgia IN: FIN MLM SU: PDT If you would like to join our leasing news network, all you need to do is ask. We are also ON LINE: www.leasingnews.org |
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