DELRAY BEACH, FL
– Wachovia Bank, one of the nation’s largest diversified financial services companies, has extended FLD’s line of credit to $10 million. Those funds have been made available immediately for daily operations, including the direct purchase of vehicles from clients.
The additional funds allow FLD, Inc. to pay more money to its fleet clients by extending credit to their nationwide retail dealer’s network. Additionally, the extended line of credit adds to the strong portfolio of credit available to FLD, Inc. from a variety of financial institutions.
“As a direct buyer of vehicles and rolling equipment, this further solidifies our overall capabilities,” said FLD Chief Executive Officer Michael Sheinson. “We have set the pace in the remarketing industry with our unique business model and technological advances, and now we can continue our mission of industry progression.”
FLD, Inc. strives to make advances in the industry by improving its technology offerings, including WebAccess, the Sales Depreciation Calculator, and NETDRIVE.
WebAccess is an Internet-based management system designed to track vehicles throughout the remarketing process. It allows users to access the status of vehicles every step of the way, and includes downloadable customized reports in different formats.
The Sales Depreciation Calculator utilizes real-time market data from the current and previous year along with five basic facts about vehicles and quickly calculates the dollars lost with each added day. The display information relays how much FLD can save that customer in sales depreciation against any of today’s available benchmarks. The calculator also uses two pieces of information to further define the unrecoverable holding costs for terminated vehicles:
1) the cost of funds.
2) the administration fee.
NETDRIVE assists in the implementation and facilitation of a comprehensive driver/employee sales program for company cars and trucks. The Web site not only allows employees to view detailed information, it allows them to buy online, finance the vehicle, and purchase a warranty.
Originally posted on Fleet Financials