Fleet Financing Resources, LLC. (FFR) reports another record year with originated volume at $56 million, up 9% compared to 2013. Gross income for the year ended December 31, 2014 increased 8%, while net income was $1,400,000, up 14% from the year prior.
FFR’s President and CEO Dave Reynolds commented, “As a specialist financing titled transportation, 2014 was marked by a significant increase in new lenders entering the marketplace and rate compression. Fortunately for FFR, the annuity of our customer base of fleet accounts, regularly replacing and adding vehicles, accounted for 80% of our volume with the balance derived from new business. We are very pleased with the results.”
FFR, a national lender, manages a current portfolio receivable of $125 million in titled transportation equipment including motor coaches, buses of all sizes, school transportation, vocational trucks, and all livery related vehicles.