Wells Fargo acquires CIT Construction
Wells Fargo & Company has completed the acquisition of CIT Construction, the U.S. construction lending business unit of CIT Group Inc. Terms of the agreement were not disclosed.
CIT Construction’s name will be Wells Fargo Construction, part of Wells Fargo Equipment Finance, Inc. Its main office remains in Tempe,AZ. Ron Riecks, the former president of CIT Construction, will head Wells Fargo Construction.
With more than $5 billion in managed receivables and 250-plus team members, Wells Fargo Construction provides commercial financing to the construction industry. It serves contractors who build and repair infrastructure, manufacturers of construction equipment, as well as distributors and dealers that sell and rent construction equipment nationwide.
Wells Fargo Equipment Finance, Inc., a wholly owned subsidiary of Wells Fargo Bank, N.A., has a managed asset portfolio of $12.6 billion and serves more than 38,000 customers in the U.S. and Canada.
Safety Vision appoints new controller
Safety Vision, a provider of mobile digital video solutions announced that Mark Kerr has joined the company as controller. Kerr has had many challenging financial roles over the past 26 years bringing a wealth of financial experience and acumen to his new role at Safety Vision.
In this position, Kerr will oversee the accounting department and is responsible for the financial accounting and administrative functions. Prior to joining Safety Vision, Kerr used his extensive knowledge of accounting, internal controls and risk management to develop and implement the financial infrastructure for Capital 4, Inc. A graduate of the Arizona State University, Kerr served as chief financial officer, vice-president finance, and business development manager for several companies in the Houston area.
“We are excited to have Kerr join us here at Safety Vision,” said Bruce Smith, president of Safety Vision. “His experience managing financial information will help bring the financial infrastructure of Safety Vision to a level necessary to allow our company to continue to grow exponentially.”
Toyota Material Handling unveils fleet management program
Toyota Material Handling, U.S.A., Inc. (TMHU) announced July 2 the launch of the Toyota Fleet Solution program, its lift truck fleet management program. Designed to anticipate and meet customers’ lift truck needs, the Toyota Fleet Solution provides an enterprise-wide view of lift truck procurement, use and service.
“We want to provide our customers with the best possible fleet management program so that they can better run their businesses,” said Shankar Basu, president and CEO of TMHU. “The Toyota Fleet Solution program helps them accomplish that in a way that underscores the Toyota Way, with an emphasis on quality and a focus on the customer.”
The Toyota Fleet Solution is a data-driven, comprehensive approach to fleet management designed to create long-term partnerships, not just short-term gains—and to deliver better bottom-line business performance for Toyota’s customers. With its robust, SAP-driven Toyota Fleet Metrics system, the Toyota Fleet Solution goes beyond simply data reporting to actually analyzing customer’s fleet and making personalized recommendations to deliver a lean fleet, year after year.
“With the Toyota Fleet Solution, we are bringing the Toyota Way of doing business to an area of growing importance to customers – namely fleet management,” Basu said, “Business owners want and need to focus on their core business. With the Toyota Fleet Solution customers receive financing options, usage optimization and maintenance reports and more. These are factors that contribute heavily to an organization’s bottom line to help them grow their businesses.”
The Toyota Fleet Solution centers around five major components – fleet analysis, consolidated billing, fleet metrics system, a 24/7 toll-free call center and Toyota TotalFleet, a customizable program. Each is available individually or as part of the company’s flagship product, TotalFleet. The proprietary TotalFleet offers a new model of cutting-edge fleet management with an extensive menu of offerings plus customizable components including finance, maintenance and rental support.
By conducting fleet inventory, application, operation, and maintenance expense surveys with a customer, Toyota dealers can make fleet optimization recommendations, allowing customers to see where they can gain efficiencies and leverage existing ones. Some of these recommendations may include suggestions as to financing options, maintenance schedules, short-term rental choices and disposal of obsolete or underperforming lift trucks.
Utilizing its Toyota Fleet Metrics tracking and reporting functions, the Toyota Fleet Solution program provides its customers with the ability to track their fleet’s performance over time and establishing performance benchmarks. Unlike other lift truck fleet programs, the Toyota Fleet Solution provides customers with customer support 24 hours a day, seven days a week.
DPI celebrates 10 years in battery charging business
Diversified Power International (DPI) of Piney Flats, TN, celebrated its tenth anniversary in June.
A manufacturer of battery chargers, the company was started in Bristol, TN, on June 21, 1997, by a couple of engineers looking to unleash their creative intelligence in the battery charger industry.
“We started literally from nothing in a 20-foot by 20-foot space,” said Jerry Fagan, DPI co-founder and president. “We had no employees or customers.”
By the end of their first year, DPI had “less than five active customers,” Fagan said, comparing that to the list of 300 the company now supports.
“We spent the first year developing what the product was going to be,” Fagan said. “Intelligent battery charging is basically looking at what happens when you’re charging the battery and making decisions about how to achieve optimum charge performance. You can’t do that with typical battery chargers.”
DPI’s technology involves manufacturing a charger with a microprocessor that contains sophisticated mathematical calculations or algorithms for determining each battery’s appropriate recharge requirement.
DPI’s revenues have managed to grow exponentially over the past decade, increasing roughly 60 percent year after year. The company grew its revenues by 95 percent in 2005 and by 52 percent in 2006.
Although DPI initially focused on producing chargers for the “motive power” industry, such as forklifts and golf carts, it soon moved into other areas – including the servicing of retail and industrial products, medical equipment, and military defense missiles and robotics.
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