Fleet Financing Resources (FFR) today reported results for first nine months of 2016. New and used titled transportation equipment funded volume was $50 million, up 32% for the reporting period; net income up 20% compared to same period prior year.
Dave Reynolds, President and Chief Executive Officer, commented on the 2016 financial results: “Strong customer loyalty and good expense discipline continues to drive positive growth. The subdued net income increase is primarily attributable to the adverse impact of keen market competition and rate compression. Additionally, reserves for losses were increased 7.5% in response to management concerns of broader industry delinquency trends, even though FFR portfolio performance exceeds expectations.
About Fleet Financing Resources – FFR offers financing and leasing for all new and used titled transportation equipment – specializing in buses of all sizes. Founded in 2002, Fleet Financing Resources has been successful in providing finance solutions to over 3,800 businesses nationwide. FFR offers a broad funding menu of products and services tailored to each client’s specific needs.