Fleet Financing Resources, LLC (FFR), a boutique style lender providing titled vehicle financing, reports year-end December, 2011 results. As compared to the prior year-end 2010, total financed volume increased 10% to $30 million, Revenues increased 3% to $2.8 million, and Net Income decreased 20% to $670,000.
Fleet Financing Resources notes that the drop in Net Income is the result of having opened a new regional office, as well as the addition of several key staff members to position the company for long term growth. “We are extremely pleased with our year end results, our asset portfolio remains strong and historic low rates reflect favorable growth,” said Dave Reynolds, president and CEO of Fleet Financing Resources.
“The strong overall portfolio performance is largely attributed to our outstanding team that bring a high quality product to market in both the front and back office” added Reynolds. Continued success with the $68 million vendor program through Wells Fargo Equipment Finance combined with the $35 million vendor program with AllPoints/Capital One Bank help secure FFR’s position as one of the top tier lenders in the equipment financing marketplace.